[ad_1]
MANILA, Philippines – The House of Representatives is prepared to conduct an investigation into the financial condition of the Social Security System (SSS) amid pressure to suspend the increase in member contributions.
Probinsyano Ako’s party representative, José “Bonito” C. Singson Jr., who chairs the House public accounts committee, said the investigation conducted on Monday, February 15, seeks to determine the “weaknesses or excesses” in the public accounts program. social security of the country.
“Congress has strengthened and continues to strengthen the SSS for the purpose of helping the firm achieve its primary objectives as set forth in the law and the agency’s implementing rules and regulations,” Singson said in a statement.
The 2018 Social Security Act 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.
Therefore, from 12 percent last year, the increase in the SSS contribution is supposed to be 13 percent as of January 2021.
Singson, however, said the devastating public health and economic effects of the COVID-19 pandemic sparked a loud public outcry for the postponement of the adjustment of member contributions.
The House previously approved the bill that seeks to give the president the power to suspend the increase in the contribution rate of the state pension fund SSS.
House Bill No. 8512, which seeks to amend the Law of the Republic No. 11199 or the Social Security Law of 2018, seeks to grant the President the power to suspend the implementation of the scheduled increases in the SSS contribution rates in times of national emergencies or when the public interest requires it.
/ MUF
Read next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer and more than 70 other titles, share up to 5 gadgets, listen to the news, download from 4am and share articles on social media. Call 896 6000.
For comments, complaints or inquiries, please contact us.
[ad_2]
