House bill granting President power to suspend SSS rate hike OK'd on 2nd reading | Inquirer News
Close  

House bill granting President power to suspend SSS rate hike OK’d on 2nd reading

/ 04:34 PM January 27, 2021
SSS in QC

The Social Security System (SSS) Building on East Avenue, Quezon City. INQUIRER file photo / RAFFY LERMA

MANILA, Philippines — The House of Representatives approved on second reading a bill seeking to grant the President the power to suspend the hike in the contribution rate of state-run pension fund Social Security System (SSS).

During Wednesday’s session, the lower chamber approved House Bill No. 8512, which seeks to amend Republic Act No. 11199 or the Social Security Act of 2018 by giving the President the power to suspend the implementation of the scheduled increases in SSS contribution rates in times of national emergencies or when the public interest so requires.

ADVERTISEMENT

The suspension shall be in consultation with the Finance secretary as ex-officio chairperson of the Social Security Commission.

The Social Security Act of 2018 allowed the Social Security Commission, the highest governing body of the SSS, to increase the contribution rate by 1 percent every other year starting 2019 until 2025.

FEATURED STORIES

Thus, from 12 percent last year, the increase in SSS contribution should supposedly be at 13 percent starting January 2021.

On Tuesday, the House approved on second reading a similar measure granting the President the power to suspend the scheduled increases in the Philippine Health Insurance Corporation (PhilHealth) premium contributions.

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

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: 2nd reading of House bill, House bill, pension fund, SSS, SSS rate hike
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2021 INQUIRER.net | 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.