SSS to hike members’ dues only after IRR publication
Credit to Author: lalos| Date: Mon, 04 Mar 2019 08:10:34 +0000
CEBU CITY — The Social Security System (SSS) on Monday clarified that the contributions rate increase under the Social Security Act of 2019 would not be implemented on March 5, 2019.
In a press statement emailed to the Inquirer, the state-run pension fund said it would wait for the approved and published Implementing Rules and Regulations (IRR) for the proper implementation of the new law.
Based on the published copy of the law, the Social Security Commission (SSC) is given not more than 90 days after effectivity or until June 3, 2019, to draft and publish the IRR.
“The Commission shall promulgate the necessary rules and regulations to implement this Act not later than ninety days after its effectivity,” Section 30 of the new law read.
The new law requires additional contributions from members once it takes effect.
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, whether land-based or sea-based.
Luisa Sebastian, Vice President for Public Affairs and Special Events of the SSS, said in a recent interview that the new law would make the pension fund stronger and at the same time give more relevant benefits to beneficiaries.
Before it was enacted into law, Republic Act No 11199 underwent rigorous discussions at the House of Representatives and the Senate, she said.
“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./lzb