The Social Security System is unlikely to release the additional P1,000 pension for its members if the contribution rate is not raised, SSS president and CEO Emmanuel Dooc said Wednesday.
"Ganoon po ang aming pananaw d'yan dahil ayaw po naming isakripisyo naman ang kapakanan ng mga henerasyon pang darating na umaasa naman sa benepisyong tatanggapin sa atin," he told DZMM.
(That is our stance there because we don't want to sacrifice the coming generations of SSS members who are relying on the pension they will receive from us.)
Current collections, he said, are not enough to fund the additional pension.
The SSS collected some P159 billion in member contributions last year, which is P11 billion short from the P170 billion it paid out to members, said Dooc.
The estimated benefit cost of SSS this year is P191 billion, excluding funds needed for the additional P1,000 pension, he added.
The SSS has urged President Duterte to raise SSS member contribution to 14 percent from 11 percent through an executive order.
Duterte last year approved a P2,000 pension increase for SSS members, half of which was given in March 2017 while the other half will be paid out by before 2022.
DZMM, 16 May 2018