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
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
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!
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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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