
SSS says contribution hike to beef up benefit payments
The Social Security System said on Monday, December 19, that the 2023 SSS contribution increase would help fund higher benefit disbursements to its members.SSS President and Chief Executive Officer Michael G. Regino explained that the four-stage contribution rate hike readies the SSS fund for the future needs of its members.Starting Jan. 1, 2023, the new contribution rate will be pegged at 14 percent, up by one percentage point from the current 13 percent, the SSS said in a press release.“We have already expanded the benefits to our members such as the unemployment benefit, and maternity benefit under the Expanded Maternity Leave Law (EMLL). Both these benefits, however, have no particular source of funding but since 2019, we have continuously given these benefits to our member...









