MANILAA measure seeking to amend the 21-year-old charter of the state-run pension fund Social Security System now awaits President Rodrigo Duterte's signature.
Both the House of Representatives and the Senate ratified on Wednesday the bicameral conference committee report on the Social Security Act of 2018.
The bill proposes to rationalize and expand the powers of the Social Security Commission (SSC), the policy-making body of the SSS, allowing it to expand the investing capacity of the pension fund that will generate better income for the benefit of its members and pensioners.
It also aims to strengthen the pension fund through the implementation of the gradual increase in monthly contributions from the current 11 percent to an additional of 1 percentage point, starting on the year of implementation until it reaches 15 percent in 2025, and the gradual adjustment of the minimum and maximum monthly salary credit.
The bill, once enacted into law, will also ensure the social security of the growing number of Filipinos outside the country as it provides for the mandatory SSS coverage of overseas Filipino workers.
Also included in the bicam-approved version is the unemployment insurance for SSS members who will be involuntarily displaced. (PNA)
Source: Philippine News Agency