In his report of November 2003, Social Security actuary Hernando Montas recommended a two step increase in Social Security contributions in 2004 and 2005. Certainly, with widespread public apprehension about the management of Social security funds, this might not be the best time to talk about taking more from your paycheck. But hey, "let it all hang out" and that's just what GM Narda Garcia did today when she said that the board agrees in principle to that recommendation.
Jules Vasquez,
Yes I understand that. Will you all be going ahead with that because...?
Narda Garcia, SSB General Manager
“I think the board is in discussion and they are looking at it positively.”
Jules Vasquez,
So we may have another round of increases?
Narda Garcia,
“I don’t know if we will have one but I am sure the board is receptive to the idea.”
The actuary explains that the proposed increases would affect the 24% of insured persons with earnings above the present ceiling.