News – PH – House is investigating SSS ‘financial situation

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MANILA, Philippines – The House of Representatives will conduct an investigation into the financial health of the Social Security System (SSS) due to the urge to suspend hike in membership fees

Probinsyano Ako Partylist Rep Jose “Bonito” C Singson JrThe chairman of the House Public Finance Committee said that on Monday, Jan. February, investigation launched aims to identify the “weaknesses or excesses” of the country’s social security program

“Congress has strengthened and continues to strengthen the SSS to help the company achieve its primary goals as set out in law and the agency’s implementing rules,” 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 two years from 2019 to 2025

From 12 percent last year, the increase in the SSS contribution from January 2021 is expected to be 13 percent

However,

Singson said the devastating economic and health effects of the COVID-19 pandemic sparked a strong public demand for a postponement of the membership fee adjustment

The House previously approved the bill giving the President the power to suspend the increase in the contribution rate of the state pension fund SSS

House bill No. 8512, which attempts to comply with Republic Act No. 11199, or the Social Security Act 2018, is intended to give the President the power to suspend the implementation of the proposed increase in SSS contribution rates during times of national emergencies or when the public interest so warrants

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Social Security, Finance, House of Representatives of the Philippines

News – PH – House to Investigate SSS Financial Condition
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Source: https://newsinfo.inquirer.net/1395716/house-to-look-into-financial-condition-of-sss