President Rodrigo Duterte has signed into law the proposed measure which overhauled the charter of the Social Security System, Executive Secretary Salvador Medialdea has confirmed.
The new law repeals the Social Security Law and expands the powers of the SSS to ensure its long-term viability.
The measure allows the SSS Commission to determine the salary credit and monthly contributions of members, which would now allow the commission to increase contributions depending on the actuarial survey.
The measure’s provisions include mandatory SSS coverage for overseas Filipino workers (provided they are not over 60 years old) and the power of the Social Security System Commission to increase benefits, condone penalties, and rationalize investments, among others.
It also provides unemployment insurance for SSS members who will be displaced involuntarily.
The SSS is also empowered to invest its Reserve Funds to grow the wealth of the state pension fund.
"The SSS must be given a chance to do what they can for the people because the government could not base its policies on fear but on trusting the people, especially those with tremendous responsibility," Senator Richard Gordon, sponsor of the Senate version of the bill, said in October last year. —NB/LDF/KG, GMA News