BALANGA CITY — Social Security System (SSS) seeks to extend its fund life up to 2040.
Speaking to reporters in Balanga City, SSS President and Chief Executive Officer Emmanuel Dooc said the recent additional PhP1,000 pension increase affected the fund life of SSS.
“As of now, our fund life can only last up to 13 years or up to 2032 and we really want to strengthen SSS so we could project a longer fund life,” the top official said.
“If we will provide another increase or additional benefit without any source aside from our reserved funds, our current fund life will decrease and we will be at precarious condition,” he stressed.
Dooc furthered that once the Social Security Act of 2018 is signed by President Rodrigo R. Duterte, they can recover and provide more services to their members.
“We could achieve this extension of fund life if the proposed bill that seeks to increase the contributions of our members will be signed into law plus if we could improve our earnings through investments and competitions,” Dooc added.