Manila: The Social Security System (SSS) is seeking enhanced services for pensioners, lower interest rates on its salary and calamity loan programs, and self-employed coverage. In a news release on Saturday, the SSS said it expects to implement its plans and programs this year.
According to Philippines News Agency, SSS president and chief executive officer Robert Joseph De Claro said a review of the guidelines on the Annual Confirmation of Pensioners (ACOP) Program is underway to make it easier for pensioners to comply with the requirements and other verification processes. "Our review of the current guidelines and profile of pensioners include analysis of age and geographical distribution of SSS pensioners, all possible means for ACOP compliance, and available SSS resources to facilitate convenient and easy compliance - including visit to home address by designated SSS branch or office personnel," De Claro said.
The ACOP mandates SSS pensioners to report every year to ensure the continuous payment of their monthly pensions, subject to their continuing eligibility for the benefit, in accordance with Republic Act (RA) 11199 or the Social Security Act of 2018. The pensioners required to comply with the ACOP Program include those residing in the Philippines who are 80 years old and above starting March 2024; residing abroad; with total disability; death, or survivor pensioners; and dependent children under guardianship. De Claro said the SSS conducted the review following the experience and sentiments of those who have to comply with the ACOP. Non-compliance will result in suspension or cancellation of the benefit. As of end-2024, there were 157,493 SSS pensioners.
De Claro said the SSS is also eyeing to reduce its interest rate on its salary loan and calamity loan programs. "Given the consistent, solid performance of SSS' investment portfolio, it is now timely to revisit the interest rate of our salary and calamity loan programs toward reducing it to increase the cash proceeds from loan applications by qualified SSS members," he said. The current interest rate for the salary and calamity loan is 10 percent per annum. SSS' annualized Return on Investment (ROI) from 2021 to 2024 ranged from 5.8 percent to 6.6 percent, performing well even through the coronavirus disease 2019 (Covid-19) pandemic.
De Claro said the state insurer would also pursue better collection compliance from other groups of workers, particularly self-employed professionals. He said accountants, doctors, and engineers are among those who are considered self-employed. De Claro said the SSS would coordinate with the Professional Regulation Commission to discuss opportunities for cooperation and ensure SSS coverage of self-employed workers. "These plans and programs reiterate our message last month prioritizing service excellence first and foremost while ensuring financial discipline and sustainability through an empowered SSS workforce," he said.
