SSS Senate Bill 1753 is on its way for President Rodrigo Duterte’s signature and onced signed into law will benefit overseas Filipino workers (OFWs).
Author and sponsor Richard Gordon said in an interview that SSS mandatory social security coverage aimed to cover more of our workers abroad, land and sea-based who are below 60 years old. Thus, expanding the number of OFWs who will be benefited by SSS up to 2.5 million from the current half a million (500,000).
With more OFWs paying their premiums, Emmanuel Dooc, SSS President and Chief Executive Officer claimed it would generate P16 billion in a year.
With such collection, Gorddon added that the agency would be able to extend its fund life and would be able to provide insurance for unemployed SSS members who are displaced involuntarily.
One of the provisions of the said bill is to increase by 1% every other year the contribution of SSS members starting 2019 until it reaches 15% by the year 2025.
The SSS Commission will also have the power to establish the monthly contributions of its members and salary credit which would allow them to increase contributions.
Likewise, it would adjust the minimum and maximum salary credit of its members which is very vital since the current salary credit and contribution of employees is only limited to P16,000 which only gives limited benefits.
With the said increase, the agency also sees the opportunity to earn more by investing its Reserve Funds.
Gordon claimed, “The SSS must be given a chance to do what they can for the people because the government could not base its policies on fear but on trusting the people, especially those with tremendous responsibility.”
SSS Senate Bill 1753 revokes the Social Security Law which was passed 21 years ago.