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