Higher member and employer contributions have resulted in a 22-year extension of the Social Security System's (SSS) fund life, the agency said Thursday.
Higher member and employer contributions have resulted in a 22-year extension of the Social Security System's fund life, the agency said Thursday.
The law gradually hiked the contribution rates for SSS members by 1% every two years, starting at 12% in 2019 and bringing it up to 13% in 2023 and 15% by 2025. The agency earlier this week defended the increase, saying this would help fund higher benefit disbursements moving forward.
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