Social Security Commission chairman Amado Valdez said Thursday the pension fund is still studying the possible implementation and effects of a monthly contribution rate increase, contrary to reports that it will implement a contribution adjustment by January 2018. “The contribution increase is our last option. We are trying our best to find ways to generate income for the pension fund,” Valdez said in a statement. Talks on SSS contribution rate increase happened in the wake of ongoing Senate hearings on the SS Reform Act of 2017. If the MSC ceiling would be adjusted to P30,000 by 2022, his estimated monthly pension would reach P29,300 or about 98 percent of his last salary at retirement.

Source: The Standard October 05, 2017 11:03 UTC