MANILA – Social Security System (SSS) President and Chief Executive Officer (CEO) Emmanuel Dooc expects the increase in members contribution to be implemented by April or May, once the Implementing Rules and Regulations (IRR) are put in place.
In an interview at the sidelines of the public consultation on the Social Security Act of 2018 at the SSS office along East Avenue in Quezon City Monday, Dooc explained that increase in the contribution rates “will require further discussion” as well as resolution of the Social Security Commission.
He said the next meeting of the Commission is scheduled on March 14, 2019.
The agenda for the said meeting has yet to be determined, he said, but expressed hope that the contribution rate increase will be taken up.
“I hope it will be within the first half of the year…maybe April or May,” he said when asked when he thinks the adjustment will transpire.
IRR of the Social Security Act is now in the final stage. It is required to be in place 90 days after the effectivity of the law, which falls on Tuesday, March 5, 2019.
Under the said law, the SSS can increase the contribution by one percentage point every other year until it becomes 15 percent. To date, the contribution rate is 11 percent. (PNA)
