Senator Dick 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 over-burdened.
In his sponsorship speech, Gordon explained the bill 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 bill does not promise an abundance of wealth. ‘Di po ito nagsasabi na bibigyang yaman natin ang tao. Ang sinasabi lang po dito ay pagka nagkaroon sila ng aberya sa kanilang buhay ay meron silang panghahawakan. Meron po silang hinahawakan na masasandalan. Meron silang lifeline that they, themselves, created. Na sila mismo ang nag-contribute with other Filipinos towards the benefit of their own posterity,” the veteran legislator said.
“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,” the seasoned lawmaker 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 contribute; and actuarial projections and increase in 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 an 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 sea-based OFWs will be covered.
The bill expands SSS’ membership by tapping overseas Filipino workers, both land-based and sea-based.
“Ang nangyayari ngayon – di sila nagbabayad ng SSS, trabaho sila ng trabaho, andaming parusang ginagawa sa kanila, andaming sakripisyo, pagdating pa ng retirement nila at magkasakit sila, wala silang makukuha. Itong batas na ito ngayon ay magbibigay-daan para sila ay masama sa pondo ng pension ng SSS,” the senator from Olongapo and Zambales added.