In the tradition of the great David Letterman, Here is my top ten list why our SSS will increase their contribution rate. Enjoy!
10. They want to extend the life of SSS to 35 years or up to year
2046. As of today, the current fund will last only up to year
9. They want to increase the benefits of the SSS members but first
you have to cough up more until your payslip net pay drops to...
8. Our SSS contribution rate is only 10.4% of our monthly salary
while GSIS members pay 21%. No wonder their pension is
7. They want to lend more to SSS members and corporate sector.
The profit will help them increase their own salaries and benefits
while ours stagnates.
6. They can reason out that we have a low inflation rate therefore
an increase will not be "felt' by the SSS members.
5. The 29.2 million members of SSS contributed P79 Billion pesos
but they paid P76 billion for SSS benefits.This thin margin made
4. They are projecting a possible loss of overseas jobs which means
lower SSS collections from the OFW.
3. They are aware that Filipinos are adept in changing eating
pattern in order to cope up with deductions and high prices.
2. In 2007, the SSS spends 11% of our contribution for their
operating expenses while Malaysia spends only 2%.
1. They want to increase your minimum pension of P2,400 after working and contributing to them for 20 years and increased it possibly by 10%. Meaning an increase of P240 to achieve a minimum pension of.............. ( no laughing please).........P2,640.