Higher SSS contributions likely in April, says top exec
THE Social Security System (SSS) hopes to start collecting higher contributions from its members in the first half of the year, its President and Chief Executive Officer Emmanuel Dooc said on Monday.
In a chance interview with reporters at its headquarters in Quezon City on Monday, Dooc said that the state-run pension may take effect by April or May this year once public consultations and the implementing rules and regulations (IRR) were finished.
The amended SSS charter — which aims to empower the SSS to increase benefits, condone penalties, rationalize investments, and ensures the social security of Overseas Filipino Workers (OFW) — takes effect on Tuesday and an IRR will be needed within 90 days upon the effectivity of the law.
It seeks to raise the contribution of its members by one percentage point to reach 15 percent by 2025 from the current 11 percent.
Dooc said some provisions would be self-executory, but an IRR was needed on the mandatory coverage of OFWs, condonation program, and unemployment benefits.
“Right now, out of … 8 to 10 million OFWs out there, we have only 550,000 active members, that’s a very small number, when in fact we know OFWs are most vulnerable to contingencies like sickness, accidents outside the country, and of course the most important benefit is the pension because most of them, while they do earn good salaries during their active working life, you can not expect them to be forever,” Dooc said.
“So they should have a fallback. And what they can do now that they are earning is to save for their future and SSS is a vehicle for them for that,” he added.
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