Escudero: SSS should explain rate hike

Sen. Francis ‘Chiz’ Escudero (Chiz Escudero’s Facebook page)

MANILA — Senator Francis Escudero wants the Social Security System (SSS) to explain its planned increase in the contributions of its members.

Escudero said SSS should do the explanation before implementing the adjustment inorder to ensure transparency in the said increase.

“I hope they explain very clearly to the SSS members where their contributions would go and how the SSS would use this,” Escudero said.

He said that there is a need for them to explain the increase after they already hiked the contribution rate last year.

“They recently raised the contributions, did this bring about a better service to its members?” Escudero said.

According to reports, SSS will increase the monthly contributions of its members by one percent.

They are planning to implement the increase before the end of the President Aquino’s term in 2016 in order to extend the life of the state pension fund.