MANILA Malacanang on Wednesday said President Rodrigo Duterte is still studying the proposal of the Social Security System (SSS) to increase monthly contribution rate of its members.
Until the President does not make the executive order, the President is still thinking and studying that (request), Presidential Spokesperson Harry Roque said in media interview.
SSS President Emmanuel F. Dooc had reportedly submitted a written request to the President to issue an executive order that would allow the state pension fund to increase monthly contribution from current 11 percent to 14 percent beginning April this year.
The evidence that the President is convinced to impose higher premium is when he issues the executive order. So, right now, the SSS request is still being studied, Roque explained.
Dooc has explained that the increase in the monthly contribution rate was needed to improve the viability of the fund since increase would mean additional collection of PHP45 billion.
Duterte approved in January last year a PHP2,000 across-the-board increase in monthly pensions for retired private workers.
At present, SSS monthly contribution rate is 11 percent with 7.37 percent being shouldered by the employer and 3.63 percent being deducted from the employee's salary. (PNA)
Source: Philippine News Agency