MANILA - The Social Security System (SSS) acknowledged with deep appreciation the approval of House Bill 2158 by the House of Representativ...
MANILA - The Social Security System (SSS) acknowledged with deep appreciation the approval of House Bill 2158 by the House of Representatives. HB 2158 aims to rationalize and expand the powers and duties of the Social Security Commission (SSC).
SSC Chairman Dean Amado D. Valdez said that the approval of the bill is a laudable act from the legislators who recognized the need for continuous reforms in the pension program, allowing the SSC to adopt on its own, measures and mechanisms to better manage the pension fund.
The HB authorizes the SSC to enter into compromise agreements to condone penalties on unremitted monthly contributions on a case by case basis, as well as on unpaid loan amortization for short and medium term loans, without the need for approval of the President of the Philippines.
Relatedly, the HB also allows the SSC to fix and determine from time to time the monthly salary credits, schedule and rate of contributions and rate of penalty on unremitted and unpaid contribution and loan amortization, also without the approval of the President of the Philippines.
According to Dean Valdez, as part of the policy-making body of the SSS, the SSC is in better position to determine the needs of its members and the SSS as a whole. With the rationalized powers, it will make it easier for the SSC to craft policies for the benefit of its members at the earliest possible time without being subjected to possible political issues.
“Undeniably, this bill will insulate the System from politics since the decision of the SSC – which is comprised of representatives from the employers, employees, and the general public - will be based on actuarial and risk studies,” Dean Valdez added.
Dean Valdez assured SSS members and the public that despite the expansion of powers provided by the bill to the SSC, they will exercise their powers and duties with due diligence, prudence and integrity.
The enhanced powers of the SSC will also expand its investment capabilities to provide more benefits in the future such as an unemployment insurance for members. (SSS)
- See more at: http://news.pia.gov.ph/article/view/1141484718399/sss-thanks-congress-for-bill-on-rationalization-of-powers#sthash.p4u044E4.dpuf
SSC Chairman Dean Amado D. Valdez said that the approval of the bill is a laudable act from the legislators who recognized the need for continuous reforms in the pension program, allowing the SSC to adopt on its own, measures and mechanisms to better manage the pension fund.
The HB authorizes the SSC to enter into compromise agreements to condone penalties on unremitted monthly contributions on a case by case basis, as well as on unpaid loan amortization for short and medium term loans, without the need for approval of the President of the Philippines.
Relatedly, the HB also allows the SSC to fix and determine from time to time the monthly salary credits, schedule and rate of contributions and rate of penalty on unremitted and unpaid contribution and loan amortization, also without the approval of the President of the Philippines.
According to Dean Valdez, as part of the policy-making body of the SSS, the SSC is in better position to determine the needs of its members and the SSS as a whole. With the rationalized powers, it will make it easier for the SSC to craft policies for the benefit of its members at the earliest possible time without being subjected to possible political issues.
“Undeniably, this bill will insulate the System from politics since the decision of the SSC – which is comprised of representatives from the employers, employees, and the general public - will be based on actuarial and risk studies,” Dean Valdez added.
Dean Valdez assured SSS members and the public that despite the expansion of powers provided by the bill to the SSC, they will exercise their powers and duties with due diligence, prudence and integrity.
The enhanced powers of the SSC will also expand its investment capabilities to provide more benefits in the future such as an unemployment insurance for members. (SSS)
- See more at: http://news.pia.gov.ph/article/view/1141484718399/sss-thanks-congress-for-bill-on-rationalization-of-powers#sthash.p4u044E4.dpuf
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