House ratifies bill reforming Social Security System

/ 06:54 PM October 10, 2018

Updated (9:43 p.m.)

Congress ratified ratified on Wednesday the bicameral conference committee report on a bill seeking to reform the Social Security System (SSS) charter so that the state-run pension fund will, among others, be able  to provide unemployment insurance.


The two chambers of Congress — the Senate and the House — voted separately to ratify the bill.

The bill will be sent to President Rodrigo Duterte for signature.

The lower chamber ratified the Social Security Act of 2018 during its afternoon session.

The proposed measure is seen to extend the fund life of the state-run pension fund by at least six years and provide each pensioner a two-month “separation benefit.”

The unemployment insurance, or involuntary separation benefits, can be availed of by a member who is not over 60 years old and who has paid 36 months of contributions.

The amount for each month will be equivalent to half of the average monthly salary credit, the bill said.

READ: Bicam OKs bill providing ‘insurance’ to SSS members who lost their jobs

The proposed measure will also allow the coverage of land-based and sea-based overseas Filipino workers who are not over 60 years old.

READ: Senate passes bill reforming SSS charter

Once ratified by Senate, the bill will be sent to President Rodrigo Duterte for signature. /atm

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: 17th Congress, Social Security Act of 2018, unemployment insurance
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2019 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.