THE government risks raising its borrowing costs if a proposed Social Security pension hike goes through without a corresponding increase in contributions, economic managers said.
Jan 062017
Apr 162014
Citing a scheduled maintenance of its facilities, the Social Security System on Tuesday said it may be inaccessible to netizens from Maundy Thursday to Easter Sunday. Visitors to the SSS website were greeted with a popup notice indicating the site will not be available from 4 a.m. Thursday to 10 p.m. Sunday. “This is due to the shutdown of our Main Data Center for the scheduled maintenance of the electrical power subsystem of the SSS Main Office,” it said. Presently, the SSS site allows members to log in and check the status of their memberships. Several government agencies, including the Light and Metro Rail Transit systems, are expected to use the Holy Week to conduct maintenance of their facilities. — Joel Locsin/VC, GMA News
Mar 152014
MANILA, Philippines – The Social Security System (SSS) registered a six percent rise in revenues in 2013 on higher contributions from members and steady investment earnings. In a statement, the state pension fund said net revenues reached P38.3 billion last year as member contributions breached the P100-billion level. Contribution collections amounted to P103.1 billion, up nine percent from P94.2 billion in 2012. “The increase in collections was bolstered by ongoing campaigns to promote the value of active SSS membership, improved monitoring of employer compliance and intensified coverage drives spanning a wide range of sectors, including the hard-to-reach informal sector and overseas Filipino workers,” said May Catherine Ciriaco, SSS vice president of management services and planning. Total revenues stood at P137.4 billion in 2013, up seven percent from P128.1 billion in 2012. About 75 percent of the total came from contributions. Operating expenses declined one percent to P7.6 billion, which represented 57 percent of the allowed charter limit. This was a result of measures taken by management to maximize SSS resources and promote system-wide prudent spending. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Benefit payments, which account for 92 percent of total expenditures, went up nine percent to P91.4 billion. SSS continued its regular monitoring of pension releases thru the Annual Confirmation of Pensioners (ACOP), a program that protects the fund from fraudulent claims by requiring pensioners to present themselves to SSS or to their depository bank on the member’s birth month to prove their continued eligibility for pension. Read More …
Jan 032014
The Social Security System should not be raising premiums if it can afford to give its board members millions of pesos in bonuses, Bayan Muna party-list Representative Neri Colmenares said Friday. “Kesa sa unahin nilang mag-impose ng additional premium, dapat bawasan nila ang perks nila sa sarili nila.” Colmenares said in a report on “24 Oras” aired Friday evening. The SSS is adjusting its contribution rate to 11 percent from 10.4 percent this month. That means sales representative Melinda Reyes, who earns P15,000 a month, will now have to pay P545 a month instead of P500. “Paano sila nakapagbigay ng ganun kalaki sa mga [board] members nila kung kulang na talaga ang pondo? Hindi dapat ganun yung sabihin nilang reason,” she said in the report. SSS has said it has to hike member contributions to make sure the fund will last beyond 2039 and pay for unfunded liabilities. SSS has more than 30 million members and it paid out P84.17 million in benefit payments in 2012. It also had a net revenue of P36.20 million, the report said. “Tama ‘yan. Kumita tayo. Hindi naman sinasabi na mauubos yung pera agad agad. Ang gusto nga kasi nating mangyari ay pahabain yung buhay [ng fund] to 70 years,” Marissu Bugante, SSS vice president for public affairs said. She added bonuses given to board members are sourced from contribution payments and income from SSS investments but that bonuses are regulated by the Governance Commission for Government Owned or Controlled Corporations (GCG). Lawyer Read More …
Dec 122013
MANILA, Philippines – The Social Security System is warning the public, especially small establishments, against unscrupulous individuals who are passing off fake SSS checks. The warning was issued following a report from SSS La Union branch officer-in-charge Francisco F. Pentecostes that a phony check was encashed from a grocery store amounting to P9,000. “We want to remind everyone to be more prudent in accepting SSS checks being encashed to them. The fake SSS check that was encashed may look authentic for someone who is not familiar with the SSS check. But if placed side by side with the real SSS check, one can see a lot of inconsistencies,” the pension fund said. According to the SSS, the fake SSS check was allegedly issued by Land Bank of the Philippines Baguio City Branch but the account from which it will be drawn is from Land Bank Tarlac Branch. “The SSS check also indicated two different account numbers and the signatures are not by authorized signatories of the agency,” SSS said. The pension fund pointed out that authentic SSS checks only have one account number which is located above the check date and at the bottom part of the check, unlike the fake one which contained two different account numbers. The SS number of the member-payee is also printed on the check while such information is not found on the fake check. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Most importantly, the SSS president is the only signatory for all Read More …
Oct 122013
MANILA, Philippines – The Social Security System (SSS) has advised members who already paid advance premiums to review and update their payments in line with the new contribution rate and maximum monthly salary credit (MSC) that will take effect beginning January 2014. SSS president and chief executive officer Emilio S. de Quiros Jr. said individually-paying members such as the self-employed, voluntary and OFWs who have paid contributions in advance based on the minimum MSC for the applicable months of January 2014 onwards should settle the difference that will result from the new prescribed minimum amount of contribution. Under the new contribution schedule, the corresponding monthly contribution will be P110 for the minimum MSC of P1,000, P550 for the minimum MSC of P5,000 for OFWs, and P1,760 for the maximum MSC of P16,000. “The difference between the existing and new corresponding amount of contribution will be an underpayment on the part of the member who has paid in advance. With respect to the revised contribution schedule, a self-employed or voluntary member who remitted a minimum premium of P104 in advance for January next year will automatically incur an underpayment of P6 while the prescribed minimum contribution of P520 by an OFW will be short by P30,” De Quiros explained. Advance payments less than the required minimum contribution will not be considered by the SSS unless underpayment is settled. As a result, members with underpayments may face problems availing SSS benefits and services that often require a number of qualifying contributions. To Read More …
Oct 032013
INQUIRER.net US Bureau 7:30 am | Friday, October 4th, 2013 SAN FRANCISCO—Representatives of the Social Security System (SSS) of the Philippines will be coming to San Francisco to conduct on-site services and a briefing for all SSS members on Saturday, Oct. 12, at the Philippine Consulate General, at 447 Sutter Street, 6th Floor, San Francisco. The on-site services will start at 2 p.m., while the briefing will be at 4 p.m. The following are the on-site services that will be conducted by the SSS: § Registration of new members § Reactivation of SSS membership for existing members § Enrollment in the Flexi-fund Program § Member date amendment § Assistance in MySSS § Annual confirmation of pensioners; and § Pensioner data amendment Those who are interested to avail themselves of these services are encouraged to review the flyer for the list of requirements for each service and download the forms at www.philippinessanfrancisco.org. To facilitate the verification of records during the on-site service, SSS members are encouraged to e-mail their full names, birthday and Philippine SSS numbers in advance to roldanrv@sss.gov.ph (Subject Line: SAN FRANCISCO ONSITE) so that their records may be pre-downloaded and reviewed before the team arrives in San Francisco. Queries regarding the upcoming SSS briefing may be directed to Dianne Sarmago by phone at (415) 433 6666 ext. 313, or via e-mail to cultural@philippinessanfrancisco.org or info@philippinessanfrancisco.org. Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step Read More …
Sep 262013
Photo shows SSS President and Chief Executive Officer Emilio de Quiros, Jr. (left), Social Security Commission Chairman Juan Santos (2nd from right) and SSS Executive Vice President Edgar Solilapsi (right) with (from left) TS Cruz Tricycle Operators and Drivers Association President Oliver Sabaulan; United Vendors of New Las Piñas Public Market President Meneses Pareja; Bureau of Jail Management and Penology – Quezon City Female Dormitory Working Detainees Wardress, Jail Chief Inspector Elena Rocamora; Quezon City Integrated Solid Waste Disposal Facility – Payatas Operations Group Head Jameel Jaymalin; and Payatas Alliance Recycling Exchange Multi-Purpose Cooperative Chairman Imelda Arilas. Also awarded was the Samahan ng mga Caddies sa Calatagan Golf Club, Inc. The Social Security System (SSS) bestowed the “Bilib Kami Sa’Yo” Special Award to five informal sector groups or “ISGs” that were the first in their respective industries to participate in the AlkanSSSya Program during ceremonies held at the SSS Corporate Headquarters in Quezon City on September 9. Their role as pioneer ISGs helped pave the way for social protection of tricycle operators and drivers, market vendors, jail inmates, golf club workers and garbage recyclers in other parts of the country. Also awarded was the Samahan ng mga Caddies sa Calatagan Golf Club, Inc.
Sep 172013
The attendees benefited from various services such as medical consultations and blood pressure check ups (top photo) as well as dental consultations and tooth extractions (bottom photo). Social Security System (SSS) doctors, dentists and nurses offered free health services to members and pensioners during the SSS Medical Mission at the Members Assistance Center of the SSS Diliman Branch in Quezon City on September 4. The attendees benefited from various services such as medical consultations and blood pressure check ups as well as dental consultations and tooth extractions. Other services offered include anemia screenings, cholesterol readings, glucose tests, electrocardiograms, bone scans and eye exams. The SSS also distributed free medicines and five hundred reading glasses on a first come, first served basis. Apart from SSS Diliman, other SSS branches simultaneously hosted their own SSS Medical Missions at ten other locations across the country for members and pensioners in their respective areas. The Medical Mission is part of SSS’ line up of activities to commemorate its 56th anniversary on September 1, 2013
Sep 172013
The Social Security System (SSS) has partnered with the Caganhao, Amoingon, Balaring Tricycle Operators and Drivers Multi-Purpose Cooperative (CABTOD MPC) to enable the association’s members to regularly save part of their daily income for monthly contributions under the SSS microsavings program called the AlkanSSSya. Photo shows (clockwise, from center) SSS Boac Branch Head Roman Belen, CABTOD MPC President Roberto Jagong, SSS Officer-in-Charge of Luzon Operations Group Josie Magana, Caganhao Barangay Chairman Noel Historillo and SSS Assistant Vice President for Luzon South Division Virginia Cruz during the signing of the AlkanSSSya agreement at the Caganhao Barangay Hall in Boac, Marinduque last July 23. CABTOD MPC members (right photo) as well as their spouses gamely participate in the ceremonial dropping of coins to kick off their AlkanSSSya savings as part of the program’s launch.