MANILA – The Social Security System (SSS) on Monday announced the suspension of new rules that would allow members 65 years old and above to enjoy retirement pension if they complete 120 months of contributions.
In a statement, SSS vice president Agnes San Jose said the suspension is meant to protect the fund and ensure appropriate payment of benefits.
“However, we are not insensitive to the issues being raised, and the Commission together with management agreed to revisit the guidelines, which the system issued last April,” San Jose said.
Under the April guidelines, a member aged 65 years and above who has yet to complete 120 months of contributions should file an application for voluntary payment of such no later than July 1.
Only then can they enjoy in full the retirement pension. Failure to file the application would mean the member can only get a lump sum amount equivalent to what they had already contributed to SSS plus whatever interest the money had earned.
With the suspension of the April guidelines, SSS said it will re-evaluate its procedures to ensure diligence and prudence in benefit payments. –Rain Castro, InterAksyon.com
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