MANILA, Philippines — While the Social Security System (SSS) has rejected appeals to postpone the collection of another increase in premium contributions, the pension fund is set to launch a new investment trust along with the hike in January. Finance Secretary Carlos Dominguez III, who chairs the SSC, also blamed the 2017 pension increase for the fund’s financial woes. The basis of a member’s benefits will be their total accumulated account value at the time of claim approval, explained Joy Villacorta, SSS vice president for benefits administration. ADVERTISEMENT“It’s another layer, it’s our second layer of protection … Additional benefits to supplement your pension benefits,” Villacorta said. “The SSS expects to further improve its financial performance and have better collections in the years ahead as the economy recovers from the coronavirus pandemic and regains its pre-COVID growth momentum,” Dominguez assured SSS members and pensioners.

Source: Philippine Daily Inquirer December 24, 2020 20:48 UTC