by Ben O. de Vera, Philippine Daily Inquirer, Feb 17, 2019
President Rodrigo Duterte has signed the Social Security System (SSS) Rationalization Act to allow the SSS to improve its investing capacity and generate more revenue for members and pensioners.
It provided for a gradual increase in monthly contributions to make it 15 percent by 2025 from the current 11 percent.
It also allowed the gradual adjustment of minimum and maximum monthly salary credits.
The increased contributions would start this year.
SSS president and chief executive Emmanuel F. Dooc said the additional collection would replenish the SSS fund in six years.
Dooc said the SSS would immediately craft the law’s implementing rules and regulations.
The new law provided that the Social Security Commission, the highest policy-making body of the SSS, may collect the higher contributions without the President’s approval.
At least two-thirds of the contribution rate increase would be shouldered by the employer.
With higher contributions, the SSS fund would be extended until 2038. This meant members and pensioners can enjoy benefits for 20 more years.
The SSS fund life was slashed by 10 years when an additional P1,000 in monthly pension was given starting in 2017.
Dooc said the new law “will strengthen our fund life.” —With a report from Julie M. Aurelio
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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