Palace Supports SSS Members’ Contribution Hike
SSS – The Social Security System is firm on its decision to implement a hike on the contribution of the members amid protests.
In the Philippines, a huge part of the Filipino populace is composed of individuals who are members of the Social Security System. It is a social insurance giant that has benefits as well as loan offers for its members. Individuals who are employed in the private sector are mandated to maintain an active membership to the social insurance giant.
There are also a lot of Filipinos working abroad who are members of the Social Security System as it has opened its membership for overseas Filipino workers. There is a huge advantage in being a member of the social insurance institution.
If you are a member, in times of financial needs, you have the SSS loans that you may turn to. The social insurance giant offers a Salary Loan which is a multi-purpose cash loan offfer, the Housing Loan that is ready to finance house repairs and construction, and the Calamity Loan that was crafted to help the members in times of natural disasters.
The Social Security System also has benefit offers. A qualified member may turn to these offers in times of sickness, pregnancy, job loss, retirment, etc. To qualify, a member must maintain his/her account by posting the monthly contributions regularly.
Before 2024 ended, the Social Security System announced that there will be an increase on the members’ contribution rate this 2025. It was met with different reactions from the members.
Based on a report on ABS-CBN News, a protest was held by some of the SSS members at the social insurance giant’s office in Quezon City on Tuesday. They called to defer the 1% additional on the members’ contribution.
Reportedly, under the new contribution rate, a self-employed member who pays P560 in his/her monthly contribution to the SSS in 2024 will have to pay P750 in 2025. Here are the rates across the years:
- 2019 – 12%
- 2021 – 13%
- 2023 – 14%
- 2025 – 15%
Amid the protests, the SSS is set to implement the increase on the members’ monthly contribution. Based on the report, the social insurance giant is expected to collect P51 billion.
Recently, Malacañang released a statement on the SSS members’ contribution rate increase.