SSS rate increase proposal

Notes: Looks like many countries have Social Security Fund problems....They try hard to make it stable such as increasing contribution, reducing pension amount but doesn't looks like successful. Maybe they have to rely on Tax eventually.

In 2017, pension is increased P1,000 peso.

The proposal includes two provisions.

1. Increase rate from 11% to 14%. 
Notes: Personal income tax is reduced but it's neutral to companies since they still release the amount  to the employees. The company's share of SSS is more than double of each employee's share. It might be a extra burden to the company.

2. Increase Monthly Salary Credit from 1k~16k to 4k~20k. 
As of now, the highest salary SSS recognize was 16k. Means, even your salary is 20k...SSS contribution is based on 16k.  Those whose salary range is 16k~20k will feel the impact. I believe really a lot of employees are belong to this range...making the company burden bigger.

Ex) 20k salary man : total SSS would be increased from 1760 (1230 vs 530) to 2800.(1960 vs  840)
Company may should roughly 700 pesos more per person. yearly 8400...if they have 1,000 employees...it would be 840,000 yearly. Small or big? I don't know.

If it's implemented, the SSS fund life will be prolonged  from 2032 to 2044. What does this mean to those young people?