Social Security System

Bam: Improve SSS collection efficiency, not increase in premium

Instead of increasing premium of members, the Social Security System (SSS) should improve its collection efficiency in order to deliver the P1,000 raise in pension without affecting the agency’s financial viability.

“The collection efficiency right now is about 40 percent and that needs to go higher,” Sen. Bam Aquino said during a television interview.

“What we want to see is, can we provide this P1,000 increase in pension and do the measures to increase efficiency upang mahabol ang kabawasan sa pondo sa SSS,” he added.

 The senator said the planned 1.5-percent increase in contribution in May will be an additional burden and less take home pay for ordinary Filipino workers.

 Earlier, Sen. Bam called on the SSS to consult employers and employees organizations first before fully implementing the increase in premium.

 “Siguro kailangan din nating tingnan ang mga numero. Sana ang SSS, makinig sa konsultasyon sa employers at employees organizations dahil medyo nagulat din ako na mayroon ganong palang pagtaas ng premium na parang hindi napag-uusapan noon,” Sen. Bam said in a previous interview.

Bam: SSS Coverage for Working Poor

The working poor will now be covered by the government’s social protection program through the Social Security System (SSS) once Sen. Bam Aquino’s bill is enacted into law.

Sen. Bam has filed Senate Bill No. 2746, seeking to provide the farmers, fishermen, market and street vendors, tricycle drivers and millions of micro business owners the social protection they need.

“As they earn below P100,000.00 annually, the working poor’s contributions, unfortunately, are not regular, thus depriving them of a chance to enjoy social protection from the SSS,” said Sen. Bam, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship. “The proposed measure seeks to provide the working poor the much-needed help in order for them to grow,” said Sen. Bam.

While the poorest of the poor are covered by the government’s social protection programs, Sen. Bam said only 6.5 percent of the 12 million self-employed Filipinos are paying their SSS contributions.

Under the Working Poor Protection Act of 2015, the government will match every contribution of the working poor to SSS, the same way an employer matches the contribution of their employees.

This will enable the working poor to access loans and other benefits from SSS, giving them the opportunity to get out of poverty and succeed on their own.

In addition, they will also be given a chance to avail of social protection packages that SSS provides, such as disability, sickness, maternity, old age, and death benefits.

“Let us ensure that the Filipino dream is realized – that all Filipinos are being provided with the right opportunity, the break that they need to succeed on their own and the environment where they are able to help themselves,” said Sen. Bam, who worked with micro businesses before he became a senator.

“Wala dapat maiiwan tungo sa tinatamasa nating kaunlaran,” he added.

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