Pres. Duterte OKs Law Giving President Power to Defer SSS Monthly Contribution Increase
DUTERTE – President Rodrigo Roa Duterte now has the power to defer the increase in the SSS monthly contribution amid the COVID-19 pandemic.
There are several insurance institutions in the Philippines and some of them are under the government. One of the state-run social insurance institution is the Social Security System or more commonly called as the SSS.
A huge part of the Filipino populace is a member of the SSS. Most of these are self-employed individuals and those who are working in private companies. Every month, SSS members contribute a certain amount to the social insurance institution depending on the set rate.
Accumulated monthly contributions to the SSS can make a member qualify for its benefits and loan offers. The social insurance institution has been the turn-to of many people.
Recently, an update regarding the SSS monthly contribution crossed the surface. Based on a report on ABS-CBN News, Pres. Rodrigo Roa Duterte now has the power to defer the SSS monthly contribution increase.
According to the report, Pres. Duterte signed the Republic Act 11548 which gives the Chief Executive the power to suspend the 1-percent increase in the SSS monthly contribution and monthly salary credits during the State of Calamity due to the COVID-19 pandemic. This 2021, members’ monthly contribution are increased by about Php 70.00 every month.
visit: SSS Announces Contribution Rate Hike to 13% Starting January 2021
A lot of people are financially struggling now following the impacts of the COVID-19 pandemic. Many people lost their jobs as firms and companies closed. A lot of company owners also lost their primary sources of income following the series of no operations in accordance to the protocols.
It was in 2020 when Pres. Duterte announced a State of Calamity in the Philippines through the Proclamation No. 929. It is further extended until September 2021 through the Proclamation 1021.
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