House to look into financial condition of SSS
MANILA, Philippines — The House of Representatives is set to conduct an inquiry into the financial condition of the Social Security System (SSS) amid the push to suspend the hike in member contributions.
Probinsyano Ako Partylist Rep. Jose “Bonito” C. Singson Jr., who chairs the House committee on public accounts, said the inquiry set on Monday, February 15, seeks to determine the “weaknesses or excesses” in the country’s social security program.
“Congress has strengthened and continues to strengthen the SSS for the purpose of aiding the firm to attain its main objectives as set forth in the law and the agency’s implementing rules and regulations,” Singson said in a statement.
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.
Thus, from 12 percent last year, the increase in SSS contribution should supposedly be at 13 percent starting January 2021.
Singson, however, said that the devastating economic and public health effects of the COVID-19 pandemic triggered strong public clamor for deferment of the member contribution adjustment.
The House earlier approved the bill seeking to grant the President the power to suspend the hike in the contribution rate of state-run pension fund SSS.
House Bill No. 8512, which seeks to amend Republic Act No. 11199 or the Social Security Act of 2018 seeks to grant 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.
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