Contribution rate increase boosts SSS fund life by 22 years
The Social Security System (SSS) announced today that an additional 22 years have been added to the SSS fund life with the help of contribution rate increases since 2019. SSS President and Chief Executive Officer Michael G. Regino explained how after implementing the additional P1,000 pension benefit in 2017, the SSS fund life would have lasted until 2032 only. However, with the help of gradual contribution rate increases mandated by Republic Act No. 11199 or the Social Security Act of 2018, the fund life was extended by another 12 years or until 2044. Recently, the latest SSS actuarial valuation...
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