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Friday, March 29, 2024

SSS to support jobless members

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State-run pension fund Social Security System expects additional funding after President Rodrigo Duterte signed into law Republic Act No. 11199 or the Social Security Act of 2018 which increases the monthly contribution rate from 11 percent to 12 percent this year and 15 percent by 2025 and introduces unemployment insurance.

“This is a huge success for the pension fund. This new law will breathe in new life to SSS so that it can continue to serve its stakeholders, members, and pensioners. And we sincerely express our gratitude to President Duterte for acknowledging the long overdue need for this amendment and signing this into law,” SSS president and chief executive Emmanuel Dooc said in a statement.

RA 11199 repealed RA 1161 as amended by RA 8282 to strengthen the pension fund.  It allows the gradual increase of monthly contributions from the current 11 percent to an additional 1 percentage point starting in the year of implementation until it reaches 15 percent by 2025.

Members will enjoy an additional benefit from the current six types with the introduction of unemployment insurance. Covered qualified employed individuals who may suffer from involuntary separation from work, will be protected from a sudden loss of income as the law has a provision for unemployment insurance. 

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