Finance Secretary Carlos Dominguez III, who is also the new Social Security Commission chairman, cited a need to reduce the state-run pension fund’s overhead expenses and use digital tools so that its members can gain easier access to services.
“We need to be very prudent in managing expenses because we are talking about the hard-earned savings of Filipino workers. The new SSS law has provided the means to beef up the pension fund through contribution rate adjustments,” Dominguez said in a statement.
“Our role now is to digitize processes that will make it easier for members to access services. Modernizing systems will also eventually save on costs and other operating expenses,” Dominguez said.
Under the Social Security Act of 2018, SSS is allowed to spend no more than 12 percent of the total yearly contributions plus 3 percent of other revenues for administrative and operational expenses, such as salaries and wages, supplies and materials, depreciation and the maintenance of offices.