SSS cites ‘serious implication’ of extended paid maternity leave

The Social Security System (SSS) said the measure seeking to extend paid maternity leave will have a “serious implication” to its finances, a top official said, urging the government anew to hike its contribution rate.
During the soft launch of its Pension Loan Program on Monday, SSS President and Chief Executive Officer Emmanuel F. Dooc said the state pension fund will have to shell out an additional P4 billion every year should the House Bill No. 4113 or the 100-Day Maternity Leave Law be enacted.
“This year, we foresee na bibigat ang bayarin namin (we have to pay more) because of the approval of the expanded maternity,” Mr. Dooc told reporters on Monday.
“Based on our actuarial studies na kapag iyan ay naisakatuparan, sa isang taon madaragdagan ang aming gastusin sa maternity benefit lamang [ay] mga P4 billion taun-taon.”
(Based on our actuarial studies, we have to pay an additional P4 billion each year for the maternity benefit.) — Karl Angelo N. Vidal