CONTRIBUTIONS of members of the Social Security System (SSS) and their employers will go up by 15 percent beginning this month.The increase in contributions is allowed under the Social Security Act of 2018 (Republic Act 11199).The contribution was raised by 1 percent every two years beginning in 2019 until it reached 15 percent in 2025.The employer's share will be 10 percent higher, and the employee's contribution will be 5 percent.Members may check their updated contribution schedules through the SSS Contribution Table page at https://www.sss.gov.ph/sss-contribution-table.The increase will enable the SSS to provide better benefits and sustained financial security for its members, the SSS said on its website.In 2022, the SSS said higher member and employer contributions resulted in an extension of the fund life until 2054.The fund life was originally expected to last until 2032 after a P1,000 increase in pension was implemented in 2017.
