The state-run Social Security System (SSS) on Monday clarified that the contributions rate increase under Republic Act 11199 or the Social Security Act of 2019 would not be implemented Tuesday, contrary to recent media reports.
The SSS Management clarified the law would take effect Tuesday but would still wait for the approved and published Implementing Rules and Regulations for the proper implementation of the law, especially as regards its new features.
Based on the published copy of the law, the Social Security Commission is given not more than 90 days after effectivity or until June 3 to draft and publish the IRR.
“The Commission shall promulgate the necessary rules and regulations to implement this Act not later than 90 days after its effectivity,” Sec. 30 of the law reads.
The erroneous report came from an ambush interview with the SSS spokesperson during the sidelines of the recently conducted Public Forum on SS Act of 2018 in Cebu last Friday wherein one reporter asked when is the effectivity date of the law.
“The misinformation caused by the erroneous report could have caused panic among our members especially to the employers who are yet to be informed of the guidelines of the new law. We are appealing to our friends in the media for an accurate and verified news report about the pension fund, especially with the new SS Act of 2018,” the SSS said in a statement.
SSS held a public forum in Cebu last Friday to discuss among the stakeholders the provisions of the law in line with the drafting of the IRR. Today, a public hearing will also be held at the SSS Main Office in Quezon City.