SSS contribution rate to go up in January
MANILA, Philippines - Social Security Systems (SSS) president Emilio de Quiros on Tuesday said employees and members of the board of the state pension fund are likely to get another performance based bonus covering 2013 despite criticisms from several sectors that this is unconscionable and untimely.
In a press conference, de Quiros categorically said that it is perfectly moral for employees and officials who performed to get another round of performance bonus.
It was revealed during the briefing that while employees got a maximum of 2 and a half months' salary bonus, the members of the board got a whole year's bonus in board and committee meetings per diem.
That explains why members of the board got nearly or more than a million pesos in performance-based bonus. Each member of the board gets P40,000 per board meeting and P20,000 per committee meeting. The total amount of performance-based bonus given reached more than P200 million.
According to de Quiros, the purpose of the bonus is not to waste money but to encourage their people to produce more and generate more income.
Asked if it's moral to get that amount when the pension fund faces unfunded liabilities, de Quiros said the fund grew and continues to grow during their term.
He also noted that the bonus was approved by the Governance Commission for government owned and controlled corporations (GOCCs) based on the performance of the officials and employees.
Meanwhile, the SSS has also announced changes starting January 2014.
From 10.4%, the contribution will rise to 11% of the members' monthly salary, which will be equally divided between the employee and the employers.
The monthly salary credit will also increase to P16,000 from the current P15,000 upon the rise of the monthly contribution.
According to de Quiros, this will prolong the life of the fund by 4 years, from 2039 to 2043.
The SSS also announced that their 8,300-square meter property in Bonifacio Global City was already sold at P2.33 billion to Clark Quay Holdings. SSS obtained the property at P873 million, which means it got a profit of 167%.