SSS contributions down by 7.8% in 2020

Contributions made to state-run Social Security System(SSS) went down by around 7.8% in 2020 amid the COVID-19 pandemic, SSS President Aurora Ignacio said.

"From P223 billion in 2019, it went down to P206 billion in 2020 which is a pandemic year kasi nagsara ang mga negosyo, nag lay-off [because businesses closed, laid off employees]," she said.

"'Yung iba, hindi na nakapagpatuloy hanggang dulo ng 2020 kaya bumaba po ang collection natin," she added.

(There were those who were unable to continue paying their contributions until the end of 2020 so the amount of our collection went down.)

The restriction that impacted the businesses the most is the prohibition of mass gatherings given that the COVID-19 virus is airborne, with establishments' operational capacity limited to 30% to 70%.

Last week, the SSS launched a relief program for delinquent employers and borrowers to let them settle dues without penalties due to the lingering COVID-19 pandemic. — BM, GMA News