MANILA — The government should postpone the scheduled contribution hike for the state-run pension fund to mitigate the impact of rising prices for both workers and employers, Employers Confederation of the Philippines president Sergio Ortiz-Luis Jr said on Friday.

The Social Security System is set to raise members' contributions by 1 percent in 2023.

"All agencies of the government are being asked to look at some ways how to assuage the people because of the increases in prices, inflation. It's a no brainer an increase that is pending is one way of doing that," Ortiz-Luis said.

"I don’t think 1-year postponement will matter much to SSS life and therefore we are appealing that perhaps it can be postponed to another year. Nowadays any increase, even P1 in the cost is felt by the workers and employers," he added.

He said he hoped President Ferdinand Marcos Jr. would enforce the authority to intervene granted to him by Congress.

• Dagdag-kontribusyon sa SSS, dapat bang ipagpaliban?

The Trade Union Congress of the Philippines earlier said the intention of the increase might be good but the timing was not right.

Inflation quickened to 8 percent in November, the highest since November 2008, which is hitting the spending power of Filipinos, especially the poorest households.

The 8 percent inflation last month is twice the upper limit of the government's 2 to 4 percent target range.

• Mga negosyante, manggagawa tutol sa taas-kontribusyon sa SSS, PhilHealth
• Inflation hits 8 percent in November, highest since 2008 as food prices keep rising