SSS bares 2025 plans: Better service for pensioners, reduction of interest rate on salary/calamity loans, pursue coverage of self-employed
The Social Security System (SSS) announced that it is working to improve services for pensioners, to reduce the interest rate on its salary/calamity loan programs, and to pursue self-employed coverage.
Better service for pensioners
“We are reviewing our guidelines on the Annual Confirmation of Pensioners (ACOP) Program to simplify requirements and other verification processes for the convenience of our pensioners,” SSS President and Chief Executive Officer Robert Joseph M. De Claro said.
De Claro has ordered the review to address the sentiments of Philippine-based retirement pensioners who are above 80 years old to ensure their continuous receipt of pension benefits. By the end of 2024, there are 157,493 such pensioners of SSS.
“Our review of the current guidelines include the analysis of age and geographical distribution of pensioners, authorizing additional means for ACOP compliance and using available SSS resources to facilitate compliance such as by conducting home visits to pensioners through our branch or office personnel,” De Claro also said.
Lower interest rate for salary and calamity loans
In the pipeline also for 2025 is the reduction of interest rate on the salary loan and calamity loan programs of SSS. Currently, the interest rate for such loan programs is at 10% per annum.
“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,” De Claro also said.
SSS’ annualized Return on Investment (ROI) from 2021 to 2024 ranged between 5.8% to 6.6%, performing well even through the Covid-19 pandemic.
Pursue coverage of self-employed
“We will also pursue better collection compliance from other groups of workers, particularly self-employed professionals such as accountants, doctors and engineers by meeting with the Professional Regulation Commission (PRC) to discuss opportunities for cooperation and ensure SSS coverage of such workers. Our goal is to make them continue paying SSS contributions while they are gainfully self-employed even if they have reached 120 contributions already,” De Claro also said.
“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,” De Claro added.
SSS Management and the Social Security Commission (SSC) will be tackling these plans/programs and ensure implementation within 2025. # (PR)
