Senate Deputy Minority Leader Risa Hontiveros filed a resolution on Wednesday seeking to investigate, in aid of legislation, the implementation of the Social Security System (SSS) premium hike.

Through Senate Resolution No. 1269, Hontiveros also urged the SSS to defer the final tranche of contribution rate adjustments, arguing that it would further reduce workers’ already strained wages, which have not kept pace with rising prices of goods.

“While the income of our countrymen has been decreasing year by year, the investment earnings of the SSS have been increasing. Where are they putting this huge profit? We might be surprised if they decide to allocate it to the Maharlika Fund,” she said.

Hontiveros added, “SSS's net income has already reached P100 billion in 2024, the number of contributors has increased by almost 30 percent, and the fund's life has been extended until 2053. Clearly, the SSS is capable of deferring any increases for now.”

Citing the current financial position of the SSS, Hontiveros emphasized that the government-owned social security institution appears financially capable of postponing the hike. She suggested that the national government could step in to support the pension system’s expenses.

“A deferment of the increase by a few months — or even a year — may still not be enough, given current economic conditions. A more comprehensive and long-term solution is needed to ensure that the SSS remains a ‘life raft’ for Filipinos in times of need,” she said.

The senator warned that implementing the scheduled increase could exacerbate the financial burden on ordinary wage earners and segments of the middle class.

“Many of our countrymen still have little to no savings because of the pandemic, and their earnings have been further reduced by inflation. The SSS should not shrink their already small take-home pay with this contribution hike,” Hontiveros said.

She also pointed out that the hike was approved in 2018, long before the pandemic’s unforeseen financial impact.

Hontiveros called for a thorough review of the SSS contribution hike to balance the interests of ordinary workers and the actuarial life of the state insurer.

“Let’s hold off on the SSS contribution hike while we re-evaluate it. The SSS should remain a lifeline in times of need, not sink its members further,” she said.

The premium hikes, which took effect this month, are mandated by the Social Security Act of 2018, requiring the SSS to increase its contribution rate every two years.

Under the new rates, employers shoulder 10 percent of the contribution, while employees contribute 5 percent.

Malacañang previously defended the SSS premium hike, asserting that it enables the government-owned social security institution to implement the adjustment as mandated by law.