Gordon: SSS bill will give people a lifeline

Senator Richard Gordon said Senate Bill 1753 under committee report No. 300 will give people a lifeline that they can hold on to in their posterity or when life becomes overburdened.

In his sponsorship speech, Gordon said the bill that aims to rationalize and expand the powers of the Social Security Commission (SSC) to ensure the long-term viability of the Social Security System (SSS). The SSC is the governing board of the SSS.

“This is a wonderful bill for the benefit and welfare of our people. Its very title alone, speaks of lengthening or for that matter making sure that the viability, long term viability of the SSS is ensured. When the retirees’ pension was increased by P1,000 last year, the fund life of SSS immediately decreased by ten years… That’s why it has become imperative for us to see to it that this bill is approved,” he added.

Among the salient provisions of the bill include giving SSS the power to set salary credits and schedule that is cognizant of members’ capacity to pay and contribution; and actuarial projections and increase contributions and pensions without the need to wait for presidential approval. It will also have the power to condone or compromise delinquency contributions but it is subject to the submission of annual report to Congress.

SSS will also be given flexibility to invest idle SSS funds in viable investments but subject to review by Congress. It can also start a provident fund and increase savings.

The bill also provides for expanding SSS’ membership by tapping overseas Filipino workers, among others, to increase the pension fund’s base and its collections, and at the same time ensure that OFWs and other members can enjoy a decent retirement later on. Both land-based and seabased OFWs will be covered.