By Billy Begas
The House of Representatives has ratified the bicameral conference committee report on a measure giving the President the power to suspend the scheduled increases in Social Security System contribution rates.
The ratification was approved by members of the House via voice voting.
The measure will amend Section 4 of the Social Security Systems Act (Republic Act 11199) and insert: “that the President of the Philippines may, in consultation with the secretary of Finance as ex-officio chairperson of the Social Security Commission, suspend the implementation of the scheduled increases in SSS contribution rates in times of national emergencies when public interest so requires”.
The SSS was supposed to increase the contribution rate this year to 13%, one percent higher from last year.
Another one percent increase will be implemented in 2023 and the contribution rate will be increased to 15% in 2025.
Source: Latest Politics News Today (Politics.com.ph)
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