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SSS appeals to Congress not to defer the new contribution rate
This photo was taken from: Facebook: Philippine Social Security System – SSS
The Social Security System (SSS) appealed to members of the House of Representatives on Thursday for an impartial recommendation on proposed steps to delay the contribution rate increase scheduled for this year, arguing that deferring the increase might negatively impact the pension fund’s financial viability.
At a House Committee on Government Enterprises and Privatization hearing chaired by Paranaque Rep. Eric L. Olivarez on Thursday, SSS President and CEO Aurora C. Ignacio urged legislators to weigh the consequences of delaying the planned contribution increase on benefits offered to members, pensioners, and beneficiaries.
In these tough times, Ignacio explained, requirements of the proposed legislations outlined in House Bills 8304, 8310, 8313, and 8317 would weaken and bring more burden on the SSS fund.
Ignacio explained that additional payments are only minimal, depending on the members’ minimum salary credit type. Employed members’ monthly rate hikes range from ₱15 to ₱100, while self-employed and voluntary members’ increases range from ₱30 to ₱200. OFWs can only see contribution rates varying from ₱80 to ₱200.
“The new contribution rate is just minimal. However, its impact on the SSS fund life will benefit current members and future generations. Every additional peso they will contribute can help strengthen our financial viability and allow us to fulfill our obligations to our members and pensioners in the decades to come.” Ignacio stated.
Ignacio also stated that deferring the planned contribution increase would reduce the amount of benefits and loans that millions of SSS members will be eligible for.
“We understand that we are currently in a pandemic situation, but we are appealing to lawmakers to look into the significance and long-term impact of adjusting the SSS contributions for its 38.8 million current members and future members as well,” Ignacio concluded.
Pag-IBIG Fund members save record-high ₱13.3B in MP2 amid pandemic, up 11% in 2020
This photo was taken from: Pag-IBIG Fund (HMDF)
Despite the uncertainty raised by COVID-19 last year, Pag-IBIG Fund members switched to the agency’s MP2 savings program and collectively saved over ₱13 billion, breaking the previous record for the sum of money saved voluntarily by members under the scheme in a single year.
According to Sec. Eduardo del Rosario, 338,248 members are currently saving in the MP2 Savings as of 2020.
“The continued growth of our MP2 Savings Program is remarkable. It was only in 2017 when collections from our MP2 Savings surpassed the ₱1 billion-mark, which was then a historic feat. And by the end of 2020, in a span of just three years, MP2 Savings has now reached ₱13.28 billion. This surpasses the previous record-high of ₱12.01 Billion saved by our members in 2019, achieving an 11% growth amid the pandemic. We thank our members for their continued support and enduring trust that despite the challenging times, they opted to save voluntarily in our MP2 Savings Program. That is why they can expect nothing less than our Lingkod Pag-IBIG brand of service, Tapat na Serbisyo, Mula sa Puso, from us,” Pag-IBIG Fund CEO Acmad Rizaldy P. Moti concluded.
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