New law to hike SSS members’ contributions
Credit to Author: clopez| Date: Fri, 01 Mar 2019 06:00:58 +0000
Be ready for adjustments in your Social Security System (SSS) contributions.
Luisa Sebastian, Vice President for Public Affairs and Special Events of the SSS, said the new law, Republic Act No 11199, requires additional contributions from members once it takes effect on March 5.
“There will be contribution adjustments to strengthen the viability of the funds,” she said in an interview.
“In 2019, we have to adjust contributions by 1 percent from its current 11 percent. It’s very important because those who will be paying more now will enjoy higher benefits in the future,” she added.
Sebastian and other SSS officials were in Cebu on Friday to present the implementing rules and regulations of Republic Act No 11199 which expands the powers and duties of the Social Security Commission.
Around a hundred members of the different stakeholders attended the event.
Aside from increasing the contributions, the SSS will also grant benefits to all those who were “involuntarily separated from their jobs.”
The new law signed by President Duterte also requires SSS coverage for overseas Filipino workers (OFWs), whether land-based or sea-based.
“For now, they are just our voluntary members,” Sebastian said.
She said the new law will make the pension fund stronger and at the same time give more relevant benefits to beneficiaries.
“We’re doing the public forum now to present the proposed implementing rules and regulations and to inform them about the new law,” Sebastian said,
Before it was enacted into law, she said Republic Act No 11199 underwent rigorous discussions at the House of Representatives and the Senate.
“Our documents were scrutinized by legislators before they passed this law,” she said.
“I hope the public will understand that SSS is savings. We hope they would appreciate it. It’s your savings, not only during retirement but also in times of financial contingencies, sickness, maternity, retirement, and death. You will be enjoying a lot of benefits,” she added.