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The Social Security System has released a statement about the imminent increase of the members contributions. SSS said that it will be more beneficial to the members as the maximum pension will also increase.
The increase in maximum pension of the members would be as much as P23,000 from the present amount of P10,900 if the member has not less than 30 years of contributions and the last five years before retirement is based on the P30,000 Monthly Salary credit (MSC) or declared monthly salary as part of the amendment of SSS laws.
Likewise, benefits such as maternity, sickness and funeral will laso increase because these are also calculated based on the MSC.
SSS President and CEO Emmanuel F. Dooc said that the success of the SS Reform Act Of 2017, which is now tackled on the Senate, will improve the benefits that the members enjoy.
Dooc said that based on the proposed adjustment on MSC, it will increase every year; next year it will be P20,000, P25,000 on 2020, and in 2021, it will be P30,000. The pension will as well increase up to P20,000 in 2026. As the declared income of the members increase, the benefits will also increase as the computation of total contribution and their benefits is computed based on it.
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The present maximum MSC is P16,000 and a contribution rate of 11%. The maximum pension of only P10,900 can be received by members who religiously pay their contributions for a minimum of 30 years total contributions.
The members benefits are based on the number of years that they made monthly contributions and the MSC.
In the present MSC, the average daily salary credit is P533 which gives the members a daily sicknes benefit of P480 per day. The increased MSC could raise the daily sickness benefits to P900.
Dooc also said that the increase will not only increase the benefits of the present members but it will also stabilize the agency for the service of the members to come.
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