P45B eyed from SSS hikes

  • Page Views 120
  • The Social Security System ( SSS ) expects to generate P45 billion in additional revenues this year if the proposals to increase the contribution rate as well as the minimum and maximum monthly salary credit (MSC) are implemented by April, the pension fund’s top official said.

    The SSS has a pending request for the President to issue an executive order to increase the contribution rate, as well as the minimum and maximum MSC.

    The pension fund is requesting for a three-percentage point  increase in contribution rate  from the current level of 11 percent to 14 percent.

    Last year, the SSS was eyeing an increase of 1.5 percentage point but this  was not implemented. Last year’s supposed hike  is being carried over to this year.

    Emmanuel Dooc, SSS president and chief executive officer, said the pension fund also wants to increase  the  minimum MSC from P1,000 to P4,000, and the maximum MSC from P16,000 to P20,000.

    “The combined results or effect if we succeed in getting all these requests approved by the President is we will be able to collect more or less P45 billion in additional contribution revenues starting from April to end of this year,” Dooc said.

    “Our prayer is to get this approved by the President, and for us to also get it approved by the (Social Security) Commission so we can implement it starting April,” he added.

    Dooc said those measures would prolong SSS’ fund life from the current level of 2032 to 2044.

    Dooc has sought the support of Finance Secretary Carlos Dominguez in getting the requests approved by Malacanang.

    “He (Dominguez) is actively reviewing it because I was asked to pass some additional details in relation to that. He is again calling us to a meeting to discuss it before he probably endorses it to the President,” Dooc said.

    Malaya

    Share

    New Posts Recently publish post More

    • 17 February 2018
      7 hours ago No comment

      Philippine AirLine, now a global 4-star airline

      A big win for the Philippines — PAL CEO Philippine Airlines (PAL) has been certified as a 4-Star airline by Skytrax, the international air transport rating organisation. PAL, joining 40 other well-renowned airlines in this prestigious category, is the first and only airline in the country to have a ...

    • 16 February 2018
      1 day ago No comment

      Pailalim goes to Sweden, Turkey, Belgium

      Daniel Palacio’s Pailalim (Underground) will have screenings in three countries. The Brillante Ma Mendoza-produced drama movie is included in the lineup of the 41st Göteborg Film Festival, ongoing in Sweden until tomorrow. The Göteborg event is the largest film festival in Nordic countries—showcasing about 450 films from 80 nations ...

    • 16 February 2018
      1 day ago No comment

      Direk Perci: We create experiences

      In this late afternoon encounter, direk Perci Intalan chats with the press and indeed he looks happy with more than four million views for the trailer of his latest film, My Fairy Tail Love Story. The film location is in the high seas of Zambales and he admits he ...

    • 16 February 2018
      1 day ago No comment

      Marian Rivera loves it that GMA never meddles in her personal affairs

      There is no reason for Marian Rivera to leave GMA network. The actress-host expressed her gratitude to the network, which she has called home for more than ten years now, as she renewed her contract yesterday. “Wala naman akong maisip na dahilan para hindi ako pumirma sa GMA,” she ...

    • 16 February 2018
      1 day ago No comment

      What really happened when Karylle met Marian, Dingdong

      Actress-chanteuse Karylle was talking to her manager Arnold Vegafria and internationally-acclaimed fashion designer Michael Cinco inside the store, fans milling outside suddenly went berserk when Karylle’s ex-flame, “Kapuso Primetime King” Dingdong Dantes, and his wife, “Kapuso Primetime” Queen Marian Rivera, arrived at the opening of Couturissimo store at the ...

    %d bloggers like this: