LABOR center Kilusang Mayo Uno on Thursday accused the Social Security System (SSS) of stealing workers’ money through increased premiums and funnel the fund to bankroll government’s Public-Private Partnership projects and in “high-risk” equities.

Elmer Labog, chairman of the leaf-leaning group likened the SSS move to an act of “Robinhood” only that the government, which plays the role, is stealing from the poor and giving the booty to the rich.

“The SSS plans to steal from workers’ hard-earned income and funnel the loot to big foreign and local capitalists. We cannot take this sitting down,” he said.

 SSS President and Chief Executive Officer Emilio S. de Quiros announced this month that the state-run pension fund will increase members’ premium from 10.4 percent to 11 percent, citing the need to increase workers’ pensions.  He announced later that SSS is ready to invest P50 Billion in the government’s PPP projects and is looking at investing in high-risk equities of companies that do not have excellent records in paying dividends.

“The SSS has the funds to increase workers’ pensions without increasing workers’ premiums. We want an increase in our pensions, but not in our premiums,” Labog said.   He said the SSS plans to increase workers’ premiums so it can “ aid the government in its PPP projects and big capitalists who want assurance for their investments.”