PMT Forum
Do you want to make money today? :)

SSS, what can we expect from it?

wilch23 · 250 · 47641

GoodSteward

  • VIP 3500
  • *****
    • Posts: 3,985
    • Likes Received: +4/-0
Thats more realistic.. natupad ang pangako at the expense of working citizens... hehe

but along with other factors, hope major inflation wont set in....

Sa Taiwan, baliktad ang gagawin/ginawa... they will reduce the pension of the retired.. resulted in protest... Nagmisttulang first world problem ang sss issues natin compared to this..haha
Taiwan like Japan, is an aging population.. Mukhang their social service reserve is in trouble even if they hike pension contribution


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Well, meron na sagot SSS re efficiency nila.
Their expense daw is only about half of what is allowed, so magaling na daw yan.

Hmmm ... problem is that their operating expense is over 5% of the assets under management.

A little research shows the following:

Australia,        Austria,      Belgium,       Canada,      Denmark,        Estonia,        Finland, Germany,        Iceland,        Ireland,      Netherland,      New Zealand,            Poland, Portugal and UK

ALL NEVER went OVER 1% in operating expense from 2001-2015

And these are all countries with HIGHER SALARIES than ours.
THEREIN lies our SSS pension benefits problem


Thomas

  • PMT Idol 1000
  • ****
    • Posts: 1,303
    • Likes Received: +7/-0
Ergo "The only way to support the 2000 hike is to increase members' contribution." is FALSE.
EXPENSES CAN be LESSEN ...
    while INCOME CAN be INCREASED
Well. Expenses can be lessen too by raising the retirement age    :hihi:

(In my home country it's at age 65 and RAISING. The Parlament even discussed to raise it over 70, but decided some less in steps starting soon.)

..
It's a ridicilous, very unfair huge difference between private and government emoployees   :fight1:


It's even WORSE though concerning Pag-Ibig. It's obligatoric to PAY for people who live rural too 
but not allowed to get Pag-Ibig house financing when it's rural    :fight1:


firstandlast

  • Forum Tambay 200
  • ***
    • Posts: 275
    • Likes Received: +3/-0
Duterte orders arrest of employers, members with delinquent SSS remittances. Nice move.


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
the 1.5% hike is not the hike in the existing premium contribution ( make no mistake that if your contribution is 100 pesos with the additional 1.5%  it will be 100+1.50 pesos for a total of 101.50 pesos).

Actually  it is the hike from the 11% to 12.5% from the existing premium contribution. ( Example: your 100 pesos contribution now for 11% will be increased to 114 pesos.)

If I heard it correctly and then the 2nd year it will be 12.5% + 1.5% or 14% and  for the 3rd year it will be 14% + 1.5% or 15.5%  and so forth.

Sana, may additional 1,000 monthly for the pensioners yearly too. ( On the 2nd year 2,000 pesos more to the current amount and on the 3rd year 3,000 pesos more to the current amount base year 2016) and so forth.

Tama sir, actually the hike on premium is really 1.5/11= 13.63%
Of course, SSS prefer to say 1.5% to make it seem less.
Deception ba tawag dyan?


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Meron pala provision PROHIBITING the increase in pension IF it is to be funded by an increase in premium contribution.

Hmm... very SENSIBLE PROVISION.


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Heard some comments re collection efficiency has to increased for this to happen.
Brainless na ba ang mga yon, including some from SSS, Media, Govt officials???

They say out of 32M working Pinoys only 11M are SSS members.
Deducting the number of 'endo' workers, self-employed non-SSS, under employed, tama nga that there are many employees who are not SSS members.
Private Business Employees are required by law to be SSS members.
Baka naman half of the workers are GOVT EMPLOYEEs?


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Getting more workers to become paying members will result in more liabilities in the future.
How does this help the planned pension increase?


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Is SSS a GOCC (Gov't owned and controlled corp.) or a private corp?

Why are the top officials appointed by government?

If SSS is a GOCC, does SSS have to be taxed by the BIR?  then any income shortfall should be the responsibility of the national government?

Are retired SSS employees entitled to a pension from SSS or GSIS?

For GSIS, it is clear cut that it is a GOCC, absolutely. Same as Phil Health.

Parang hilaw ang SSS.
The seed money is from govt.
It is run by the govt with rules (actually law approved by Congress) set by the govt.
The govt also guarantees the pension payable.
Its operation and pay out are funded by the private companies' employers & employees

GSIS is for govt employees.
SSS is for private companies' employees


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
DU30 orders PhP1000 SSS pension increase to proceed.
Objections ignored.


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
So it seems, pleasing the public (pensioners), a short term objective has more weight than improving SSS efficiency (long term good).
Na reverse order kasi ang implementation.


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
DU30 clarified that the SSS pension "increase should not be financed by taxpayers’ money, but from the contributions of its members and from its various investments. The increase this January will be followed by a corresponding increase of 1.5 percent in May 2017, an increase in the monthly salary credit from P16,000 to P20,000. This, he said, is in fulfillment of the government’s social obligation to the Filipino people, especially the elderly and the poor who gave their best in service. Such is consistent with the reason the SSS was created for the country’s workers—for them to have something to lean on upon reaching their twilight years."

Bakit hindi from taxpayers' money?
Bakit ok lang from current SSS contributing members?
Is there a true principle being applied here?

Tapos social obligation ng govt, so dapat pala govt ang mag bigay. Back to taxpayers eto.

Ayan, hindi nga pension fund, kundi welfare fund talaga ang SSS natin.


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Heard some comments re collection efficiency has to increased for this to happen.
Brainless na ba ang mga yon, including some from SSS, Media, Govt officials???

They say out of 32M working Pinoys only 11M are SSS members.
Deducting the number of 'endo' workers, self-employed non-SSS, under employed, tama nga that there are many employees who are not SSS members.
Private Business Employees are required by law to be SSS members.
Baka naman half of the workers are GOVT EMPLOYEEs?

 Erratum mga sirs/maams

Hindi pala 32M employees, kundi 33M SSS non-pension members
SO na SAAN na contribution ng mga yan??!


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
SSS law will be amended.
Lower House ready to approve the changes.

Major new provisions include adding power of SSS to change contribution and benefits without the President's approval, and striking out that rule re increasing contribution to increase pension payout.

Yikes!


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Well, there is no stopping the SSS pyramid now!
Buti nalang guarantor ang Govt ...
Then again ... sino magbabayad nyan?
Eh di the others!


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0

Thomas

  • PMT Idol 1000
  • ****
    • Posts: 1,303
    • Likes Received: +7/-0
Well, there is no stopping the SSS pyramid now! 
Well. It's a pyramid, but in difference from them in western countries, where the AGE pyramid is almost a rectangel,
the Philippine have chance to managed the payouts, if not promising to much*  because in Phils the age pyramid IS a pyramid, so there is chance the working generations have chance to finance the retirement payouts in the future too.

* 20 % of the salary is much LOWER than what the percentages in wesern countries, so THAT part don't worry me,
BUT there is risk the system will not manage the payouts of the MINIMUM amount to them, who have earned less or nothing and by that haven't contributed enough to the system.


Thomas

  • PMT Idol 1000
  • ****
    • Posts: 1,303
    • Likes Received: +7/-0
Lapit na 2000 pension!
Feb na tomorrow! 
  2000 ?
Around a year ago I got the information the minimum was 3000   (although some local officials took half.)


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Eto nanaman si Mang Tañong o ...
Actually mas ok pa si Mang Tañong, kasi umaamin pa sya sa huli

Eh ang saucy natin, palaging swede and sour sauce, incorrigible talaga, hehhehe


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Ask ko lang ulit, kung hindi nag-remit ang employer ng SSS contributions, makakakuha pa rin ba ang employee ng benefits?


jenofstructures

  • PMT Idol 1000
  • ****
    • Posts: 1,338
    • Likes Received: +7/-0
i file an sss loan once.... dahil di na-update yung sss contribution ko, di ako nakakuha ng loan that time.... what more pa kung di ka talaga ibinabayad....
In fairness may tokhang na sa sss ngayon. Hinuli daw kanina si Joel Mendez, yung sikat na cosmetic doctor charged sya for not paying sss contribution sa employees



wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Actually the reason I asked that question is to ask another question.
hehe

Sabi kasi ng SSS big boss sa radio the SSS needs to go after the employers who didn't remit their employees' contribution. Supposedly this is one of the ways that will help the SSS fund the pension increase.

Now kung hindi pala makakatanggap ng benefits ang mga kulang sa contributions, eh di lamang pa ang SSS.
The members (kawawang innocents) whose employers were remiss in  remitting their SSS contributions will lose their benefits and possibly lose their previous contributions as well.
Baliktad ang outcome dba?

Now if the SSS successfully got the erring employers to pay up what good is that for the SSS? It received some money but it will be liable to pay out more benefits din.
Baliktad pa rin ang outcome!

ERGO,

1. For brand new employees, non remittance is a non-issue, as far as SSS is concerned.
2. For employees who had previous contributions, non remittance is better for SSS.


Thomas

  • PMT Idol 1000
  • ****
    • Posts: 1,303
    • Likes Received: +7/-0
Sabi kasi ng SSS big boss sa radio the SSS needs to go after the employers who didn't remit their employees' contribution.
That's an other example of crap, ineffective organisation by not coordinate BIR tax with SSS, PhilHealth and Pag-Ibig fees. ..
Eto nanaman si Mang Tañong o ...
Actually mas ok pa si Mang Tañong, kasi umaamin pa sya sa huli

Eh ang saucy natin, palaging swede and sour sauce, incorrigible talaga, hehhehe
Concerning THIS amount I don't know, I had put a questionmark after it,
BUT you seem to have forgot all the times you have been wrong, and I have needed to corect you...    :hihi:


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Hays ... thanks for proving my contention ONCE AGAIN!


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Hays, ngayon lang pala meron formal order to increase SSS pension - 1000/month

Meron din 1.5% increase sa members' monthly contribution!



wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Quote
Well. It's a pyramid, but in difference from them in western countries, where the AGE pyramid is almost a rectangel,

O, kuha nyo na?

BTW the pyramid is a solid while a rectangle is polygon.
Ay hindi pala rectangle ang sinabi, sorry ah.
« Last Edit: Feb 25, 2017, 04:24 PM by wilch23 »


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
SSS is like a coin with 2 faces. In normal situations, the familiar side is facing you. But under certain conditions, it is the less seen side.


Hindi ko ma-gets eto ah. Pls elaborate.


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0

SSS is like a provident fund, a retirement plan and a medical plan true. Employees of the SSS contribute part of their paycheck to the SSS or GSIS? Do SSS officials use cars with government car plates?

No longer a medical plan.
Retirement plan with some added benefits.

Yup SSS cars use red plates.
Employees of SSS are not SSS members but GSIS members? Tama ba?


Thomas

  • PMT Idol 1000
  • ****
    • Posts: 1,303
    • Likes Received: +7/-0
BTW the pyramid is a solid while a rectangle is polygon.
Ay hindi pala rectangle ang sinabi, sorry ah.
  And you call me Mang Tañong...    :rofl:

I ment when looking at a one dimensional graph of age groups, the situation in the Philippines look as a triangle,
while in some western countries it's more as a rectangle by women get less babies in average. Them born during the 40th are even MORE still than the younger born during the 50th. So in western countries the working age groups are proportionaly much smaller than the retired groups compared to how it is in Phils.


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
A triangle is not a pyramid.
Have you seen the Triangle of Giza?


Thomas

  • PMT Idol 1000
  • ****
    • Posts: 1,303
    • Likes Received: +7/-0
when looking at a one dimensional graph of age groups, the situation in the Philippines look as a triangle, 
A triangle is not a pyramid.
Have you seen the Triangle of Giza?
Well. You have allready proven you are an ar..hole by leing and take side with the big liar richpulubi...
Are you ignorant too, never seen "age pyramids" which aren't pyramids, but a tringles...?      :D


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Hehe, whatever ...
Basta ma gets pang nila post mo...

Tada


Chuchay26

  • Newbie
  • *
    • Posts: 3
    • Likes Received: +0/-0
http://news.abs-cbn.com/business/01/10/17/duterte-approves-sss-pension-increase-with-contribution-hike



wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
1000 for Jan 2017 deposited na daw today for SSS pensioners


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
SSS in the news again, we can expect increased contributions soon?

NOt yet,

"There is no plan yet to increase the monthly contribution of members of the Social Security System as the state fund is still studying the impact of the proposal, Social Security Commission chairman Amado Valdez said yesterday."

Last option daw yan.

"According to Valdez, the SSS is currently exploring other ways to generate income for the state pension fund.

“We are looking at various income-generating schemes including disposal of sub-optimal properties to maximize revenues from these real estate properties,” he said."



wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
Pyramiding nature of the SSS coming to fore?
Unintentionally? Silip lang ...


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
SSS may increase the upper salary scale for more monthly contribution from higher income members.

This will result in a bigger liability, i.e. more benefits due the members.
So why this is even a proposed solution is beyond me.

Increase monthly contribution with corresponding increase in future benefits will do nothing to help the fund's viability.


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
SSS in the front page!

Officials in charge of their stock portfolio always engaging in stock trading.
... Using the same stock brokers!


isalimoko

  • Junior Member
  • **
    • Posts: 42
    • Likes Received: +0/-0
I guess they are only looking for the short term not long term...


wilch23

  • VIP 6500
  • *****
    • Posts: 6,541
    • Likes Received: +8/-0
SSS profits down BIG TIME.

Officials point to the benefit increase as the reason ...


 


PMT Shoutbox

Refresh History
  • Post only questions or comments here. Advertisements NOT ALLOWED.
  • Doni_megaworld: Good Morning! who's online?
    Yesterday at 07:34 AM
  • Doni_megaworld: Hi Guys, who's online?
    May 29, 2020, 03:08 PM
  • Doni_megaworld: good morning! who's online?
    May 28, 2020, 08:47 AM
  • Doni_megaworld: good morning guys!
    May 27, 2020, 09:47 AM
  • Doni_megaworld: work work
    May 26, 2020, 02:47 PM
  • Niel Jhacoubs: What's good in this afternoon?
    May 26, 2020, 02:01 PM
  • Doni_megaworld: agreed
    May 25, 2020, 03:30 PM
  • Niel Jhacoubs: @lyndrey depende siguro sa seller, so kung mag order kayo online much better na kilala niyo at trusted
    May 25, 2020, 02:29 PM
  • Doni_megaworld: kumusta? sino mga online?
    May 24, 2020, 03:24 PM
  • lyndrey: Do not buy PPE online. Either expensive overpriced or totally damaged or cannot be used
    May 24, 2020, 01:37 PM
  • lyndrey: Online Scammers/online shopping cheats are active with stay at home regimen.
    May 24, 2020, 01:34 PM
  • Niel Jhacoubs: @razee22 Parang di na po nacoconvert into money ang load po.
    May 12, 2020, 04:07 PM
  • razee22: any advised or recommendation?
    May 12, 2020, 11:16 AM
  • razee22: Paano po ba iconvert ang load into money like Paypal, Paymaya or Gcash?
    May 12, 2020, 11:15 AM
  • razee22: paano po ba iconvert ang load into money? Paypal or Gcash
    May 12, 2020, 11:14 AM
  • Niel Jhacoubs: Hellooooo, okay lang ba kayo dyannnn?
    May 11, 2020, 11:40 AM
  • theimprobableone: hi
    May 05, 2020, 11:37 AM
  • freelance_treasure_hunter: hello all...
    Apr 28, 2020, 04:26 PM
  • Niel Jhacoubs: Can someone save me?
    Mar 24, 2020, 01:39 PM
  • Niel Jhacoubs: I'm tired.
    Mar 24, 2020, 01:39 PM
  • Victorvargas: Hello sa lahat po new lang po dito. Hope na marami matutunan ako about business.
    Mar 21, 2020, 09:43 PM
  • Niel Jhacoubs: Yoh, its been a while.
    Mar 17, 2020, 10:33 AM
  • demi07: Hello everyone! New in pinoymoneytalk :)
    Mar 14, 2020, 01:24 PM
  • theappswitch: Hi!
    Feb 25, 2020, 03:14 PM
  • mike2020: hi po sa inyo lahat
    Feb 23, 2020, 11:52 PM
  • Jayjayqwe: hi po
    Feb 19, 2020, 11:27 PM
  • tirs d pip: hello
    Feb 18, 2020, 02:32 PM
  • Ace1105: Hello sa lahat...  :hello:
    Feb 07, 2020, 09:46 AM
  • FREYAHYARA: Anyone knows where Ig shops like styledom.ph, thriftme, instashoppeavenu and the likes get their items for selling. Would like to venture in the same business but would like to know where and who the suppliers are
    Jan 28, 2020, 09:38 PM
  • Niel Jhacoubs: To bpc85 kung nakalagay ang inyong names sa beneficiary list ng iyong ama kay may makukuha po kayo.
    Nov 28, 2019, 02:18 PM
  • Niel Jhacoubs: Hellooooo, its been a while. :)
    Nov 28, 2019, 02:16 PM
  • miakashidou31: hi , meron po ba ditong nagta transfer sa paypal?
    Nov 05, 2019, 01:46 PM
  • whennedy: good noon po
    Oct 18, 2019, 12:04 PM
  • edzlpdac: goood day po sa lahat!
    Oct 12, 2019, 03:37 PM
  • bpc85: ask lng sana ako kung may makukuha ba kami ng Mama ko at ako or mga kapatid ko sa benepisyo ng aming Ama bilang membro ng AFPSLAI. thank you po.
    Sep 27, 2019, 12:52 PM
  • bpc85: Hi guys, im new here,.
    Sep 27, 2019, 12:52 PM
  • Anaperdi: Hi just want to know if meron dito who is into boundary hulog ng motorcycle? For mga riders ng courier. Pwede ba magpashare how it works? Naisip ko lang baka pwede ko ibusiness, meron na pala mga posts online pero di pa clear ang system sa akin. thank  you sa makakapansin
    Sep 21, 2019, 11:32 AM
  • Anaperdi: Hi newbie here..
    Sep 21, 2019, 11:19 AM
  • jprios: May contact ba kayo kung sakali?
    Sep 18, 2019, 06:11 PM
  • jprios: Sino pwedeng mahiraman dito?
    Sep 18, 2019, 06:09 PM
  • kfg52: Present!
    Sep 15, 2019, 07:26 PM
  • juju31: san po ba may nag papahiram dito
    Sep 14, 2019, 07:18 PM
  • juju31: hello
    Sep 14, 2019, 07:18 PM
  • FutureGizmo: Thanks julz! Medyo ganun nga trabaho namin ngayon, to monitor spam posts kasi ang daming spam bots. But thanks for reporting. Auto-ban agad ang spammers sa amin haha
    Sep 07, 2019, 12:17 PM
  • julz: @FutureGizmo si @nikkikv18 just posted more than 10 posts about porn sites. hay, spam.
    Sep 03, 2019, 01:05 PM
  • Cid_brent: sino po dyan pwede magbigay send ng paypal funds and I will pay you using gcash?
    Aug 25, 2019, 08:58 PM
  • Meghan91811: Sino po may alam about Rice Farming...
    Aug 25, 2019, 07:44 AM
  • roselove: hello po sa inyo... newbie here
    Aug 06, 2019, 03:31 PM
  • Niel Jhacoubs: Sino palaging active dito?
    Jul 30, 2019, 04:15 PM