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

In filing Senate Resolution No. 1269, Hontiveros called on the SSS to defer the last tranche of the premium rate adjustment, noting this would further deplete workers’ wages which have not kept up with the rising prices of goods.

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

She continued: “SSS’ net income reached P100 billion in 2024, the number of contributors increased by almost 30 percent, and the fund’s life has been extended until 2053. It’s obvious the SSS is more than capable [even if it did] not collect any increases for now.”

Hontiveros said the government-owned social security institution is “apparently capable of deferring the increase, with the national government perhaps stepping in to provide funds to meet the pension system’s expenses.”

“A deferment of the increase by a few months — or even a year — may nevertheless not be sufficient given the current economic conditions, which demand a more comprehensive and long-term solution to ensure that the SSS remains a life raft for Filipinos in times of need,” she added.

The lawmaker warned that implementing the premium increase could worsen the financial burden on ordinary wage earners and the middle class.

“Some of our countrymen still have almost no savings because of the pandemic, and their earnings have been reduced due to inflation. The SSS should not decrease their already small take-home pay, which will become even smaller due to the contribution hike,” Hontiveros said.

“The contribution hike was approved back in 2018 when none of us had imagined that a pandemic would occur, the effects of which are still being felt by many of us, especially when it comes to our finances,” she said.

Hontiveros stressed a further study of the SSS premium hike must be undertaken to balance the interest of ordinary workers and the actuarial life of the state insurer.

“Let’s not implement the SSS contribution hike for now while we re-evaluate it. The SSS should remain a lifeline in times of need, instead of sinking its members even further,” she said.

The premium hike, which took effect this month, is mandated under the Social Security Act of 2018, which states that the SSS is required to increase its contribution rate every two years.

With the premium hike, employers are required to shoulder 10 percent of the contribution, while employees will contribute five percent.

Malacañang had defended the premium hike, saying it would let the SSS implement the adjustment.