SSS to implement real-time payments posting next year
State-run Social Security System (SSS) plans to launch a system which would enable the real-time posting of members’ contribution payments by the first quarter of 2018.
SSS president and chief executive officer Emmanuel Dooc said the state pension fund would soon activate its electronic collection system (e-CS) for the real-time posting of contribution payments from any SSS branch tellering facilities and other payment channels, such as banks and payment centers.
This comes after the Social Security Commission (SSC), the policy making body of the pension fund, approved the policy amendments, system and procedural enhancements and resource requirements for the implementation of the electronic collection system.
“All SSS branch tellering facilities and non-bank payment partners will implement real-time posting of SSS contribution payments starting Jan. 16, 2018,” Dooc said.
“All commercial and universal banks are required to convert their current manual processing of SSS contribution collections and report submission into the e-CS by Feb. 4, 2018, and Mar. 4, 2018 for all other banks,” he said.
According to Dooc, the electronic system would allow faster processing of claims to help members and their beneficiaries receive proper benefits and loan proceeds on time.
Dooc said it is important to record payments correctly and promptly as SSS benefits and loans are based on contributions of members and employers. Otherwise, they may not immediately qualify for certain benefits and loans.
“For instance, to avail of a sickness benefit, a member must have at least three posted contributions in the last 12 months immediately before his semester of sickness or injury. If any of his required contributions is not posted, he cannot apply yet for a sickness benefit,” he said.
The SSS chief said a pilot phase of the project would be conducted this year which will test real-time processing of contribution payments.
This means contributions will be posted within 24 hours from the time of payment.
“About 66 percent of our contribution collections are remitted through other payment channels aside from our tellering facilities, so we will make sure that our collection partners are in sync with our system to implement real-time posting of contributions,” Dooc said.
To enable the real-time posting of contributions, the SSS said employers and individual members — self-employed, voluntary and overseas Filipino workers — should register in the My.SSS facility at the SSS website.
By logging into the facility, Dooc said employers would have access to their electronic contribution collection list (e-CL), while individual members would be able to see their statement of accounts (SOA).
“The good thing about this facility is that they can review and edit their e-CL and SOA details should there be any changes,” Dooc said.
For instance, he said employers could add newly hired employees and remove separated employees.
“Upon validation and confirmation of the e-CL or SOA, the e-CS shall automatically generate a Payment Reference Number (PRN) that will be used mandatorily by the employer or member in paying SSS contributions at any accredited payment facility,” the SSS said.
Currently, the pension fund has 279 branches nationwide, 96 of which accepts contribution payments. It also has 81 accredited partner-banks and 10 non-bank collection partners.