MANILA - Social Security System chairman Amado Valdez said Thursday an increase in member contributions was a "last option," clarifying reports.
The SSS is looking to raise income after it increased pension payments this year.
"The contribution increase is our last option. However, should the institution be pushed to do such action, to secure the fund life of the Social Security System and for the benefit of our current and future members and pensioners, we would like to assure the public that the contribution rate increase will be at the minimum amount only," Valdez said in a statement.
Members' contributions in the first half grew 9.6 percent to P78.6 billion while investment income during the same period rose 12.2 percent to P18.4 billion, according to the SSS.
"We are looking at various income-generating schemes including disposal of sub-optimal properties to maximize revenues from these real estate properties," Valdez said.