SSS premium hike not for Maharlika Fund

ZAMBOANGA CITY, Philippines — Former Social Security System (SSS) chief executive officer Rolando Macasaet yesterday belied reports that the hike in premium collected from members was meant to replenish the amount given to the Maharlika Investment Fund.

In a statement, Macasaet stressed that the SSS did not contribute a single centavo to the Maharlika Fund, as he called on Malacañang to ask the SSS Board to suspend the implementation of any premium increase.

“The increase in SSS premium contribution was provided by a law passed in 2019 stipulating premium increases in 2020, 2023 and 2025. This was prior to my term as SSS president,” said Macasaet, who resigned from the SSS in October 2024 to run as representative of the SSS-GSIS Pensyonado Partylist.

According to Macasaet, Republic Act 11199 or the Social Security Act of 2018 mandates the SSS to increase its contribution rate every two years, with the final increase set for this year.

In 2019, the contribution rate was set at 12 percent. It rose to 13 percent in 2021 and to 14 percent in 2023.

For the 15 percent contribution rate this year, 10 percent would be shouldered by employers, and the remaining five percent by employees.

Macasaet said Malacañang should suspend the implementation of RA 11199 if there is a clamor for such suspension from SSS members.

He said the temporary suspension or gradual implementation of the Social Security Act of 2018 “will not burden our hard-working SSS members and will not significantly affect the fund life of the SSS.” — Emmanuel Tupas, Jose Rodel Clapano