Contributions to the state-run pension fund Social Security System (SSS) dropped 7.1 percent to P204.75 billion in 2020 as millions of its members lost their jobs amid the COVID-19 pandemic, the Department of Finance (DOF) said Friday.
Last year’s contribution collections were not only lower than the P220.38 billion collected in 2019 but also 17-percent below the P246.83-billion target for 2020, the SSS said its preliminary report to Finance Secretary Carlos Dominguez III, who also chairs the policy-making Social Security Commission (SSC).
“The drop was the result of 1.5 million members unable to pay their contributions because of COVID-19-related job losses,” the DOF quoted the SS…
Keep on reading: SSS contributions down 7.1% as recession slashed jobs