by Mary Grace Padin, The Philippine Star, Jan 8, 2019
MANILA, Philippines — State-run Social Security System (SSS) is still waiting for further progress on the status of a bill which seeks to amend the state fund’s charter.
In a text message, SSS president and chief executive officer Emmanuel Dooc said no progress has been made yet regarding the enactment of Social Security Act of 2018 even as the bicameral conference committee of the Congress approved the bill last October.
He said the enrolled bill, signed by House of Representatives Speaker Gloria Macapagal-Arroyo and Senate President Vicente Sotto III, has yet to be transmitted to the Office of the President for signing.
“There has been no further development on the bill. We were informed the enrolled bill has been signed by both (House) Speaker and the Senate President but has not been transmitted by Congress to Malacañang for approval. I understand that work in Congress will only resume on Monday,” Dooc told The STAR.
The SSS chief could not provide the expected timeline for the signing of the bill, but said the SSS could try to push it within the first quarter.
“I have no idea (when it will be signed into law) but once it’s transmitted to his office, the bill will lapse into law if the President does not act on it within 30 days,” he said.
The Social Security Act of 2018 seeks to amend the charter of the state pension fund.
In particular, the amendment aims to empower the Social Security Commission to increase benefits, condone penalties, and rationalize investments, among others.
Furthermore, the bill would ensure the mandatory SSS coverage for overseas Filipino workers.
It also provides unemployment insurance for SSS members who will be displaced involuntarily.
One of the main provisions of the bill seeks to increase the contribution of SSS members by one percentage point every other year starting 2019 until the current rate of 11 percent rises to 15 percent by 2025, and to adjust the minimum and maximum salary credit of members.
Earlier, Dooc said the bill is expected to generate P16 billion in premium collections in a year.
He said these adjustments would be able to help extend the fund life of the SSS.
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