File photo of SSS
MANILA, Philippines — A proposed measure seeking to authorize the president to defer the increase in premium contributions of the Social Security System (SSS) during a state of national emergency or national calamity is now up for President Rodrigo Duterte’s signature.
In their respective plenary sessions, the House of Representatives and Senate ratified the bicameral conference committee report on the disagreeing provisions of House Bill No. 8512 and Senate Bill No. 2027—the two chamber’s respective versions of the proposed measure.
Under the measure, it seeks to authorize the president, in consultation with the Secretary of Finance as the ex-officio chairperson of the Social Security Commission, to suspend the implementation of the scheduled increases in SSS contribution rates “in times of national emergencies when the public interest so requires.”
The proposed measure also aims to amend Republic Act No. 11199 or the Social Security Act of 2018.
The Social Security Act of 2018 allowed the Social Security Commission, the highest governing body of 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 contributions should supposedly be at 13 percent starting January 2021.