SSS contribution hike is not invalid, illegal
Social Security System (SSS) refutes statement of Senate President Pro Tempore Franklin Drilon that the hike in SSS contributions is “invalid and illegal.”
Social Security Commission Chairman Dean Amado D. Valdez said that the P1,000 increase in SSS pension effective January 2017 will be financed by current contributions and investment income.
The additional contribution hike by May 2017 will be used to enlarge the Investment Reserve Fund, to generate higher yields for investments, and to further strengthen the viability of the pension fund for future obligations.
Dean Valdez stressed that the SSS is mandated to promote social justice by providing meaningful benefits to its members when they retire.