SSS Mulls Having Higher Pension to Aid Retiree Savings

The government-run Social Security System (SSS) is mulling the creation of a new scheme for pensions that will aid its members to accumulate bigger savings once they retire.

The new policy, once approved by SSS policymakers, will let the monthly pension of member retirees go beyond the current PHP20,000 per month cap.

Moreover, the new scheme won’t need an initial move from the Palace such as an Executive Order to pick up steam.

According to SSS President Rolando Macasaet, a monthly retirement pension may reach as high as PHP40,000.

Furthermore, Macasaet emphasized that the new scheme will be voluntary for members to avail.

Under the new voluntary scheme, members will be able to have a higher monthly pension by having a bigger monthly voluntary fund contribution.

SSS only has over 40 million members, which is less than half of the total population of the country.

The current administration wants to increase the number of members to around 55 million. (GFB)