MANILA - The Social Security System said Wednesday it would seek a dialogue with employers on a possible change in their share of contributions with workers after President Rodrigo Duterte approved a P2,000 pension increase.
The pension adjustment will be funded through a 1.5-point adjustment in the contribution rate, which will be increased to 12.5 percent from 11 percent starting in May.
Under the current setup, employers shoulder 70 percent of total contributions while employees take care of the remaining 30 percent.
"There were other increases in the contribution which did not follow the 30:70 ratio, but we are discussing this because we also want to see how the employer reacts to this," SSS Chairman Amado Valdez said in an interview with ANC's "Headstart."
"It could be 70:30 or 60:40 depending on feedback from the employers," he added.
Employers Confederation of the Philippines chairman emeritus Donald Dee said Tuesday any increase in contributions should be studied.