The Philippines' pension authority is planning to raise an extra Ps13 billion $288.3 million a year for the country's central pension fund scheme to help fund increased benefits for retirees, prompting calls from employers for consultation before any decision is made.
Carlos A Arellano, chairman of the Social Security System SSS, revealed last week the regulator would have to lift the pension contribution rate from the current 8.4% to 12% because of increases in benefits recently announced, under which all pension benefits will receive a 10% boost, while funeral benefits will rise by Ps5000 to Ps20,000. The increases are estimated to cost Ps10 billion and Ps3.5 billion respectively over the next five years....
