SSS benefit hike needs study, employers say


Posted at Jan 10 2017 05:46 PM

SSS benefit hike needs study, employers say 1

MANILA - Any increase in benefits for Social Security System members should be studied thoroughly, an employers' group said Tuesday.

President Rodrigo Duterte has approved a P2,000 increase in SSS pension, which will be funded through an increase in contributions.

"We support the president but we should not be increasing benefits without study," Employers Confederation of the Philippines chairman emeritus Donald Dee said in a statement

"Our cost per employee is already higher than employees in the region," he added.

Raising the contribution rate to 12.5 percent would result in a contribution range of P15 to P740, SSS officials said.

The first half of the P2,000 increase will be given by this month or February, with the balance to be paid out by 2022, officials said.