The Social Security System (SSS) is ramping up efforts to increase collections from self-employed professionals following its recent contribution rate hike. The move is part of its broader goal to enhance benefits and services for pensioners.
SSS President and CEO Robert De Claro stated that the agency is coordinating with the Professional Regulation Commission (PRC) to encourage professionals such as doctors, engineers, and accountants to maintain their contributions even after reaching 120 payments.
Meanwhile, SSS is reviewing its Annual Confirmation of Pensioners (ACOP) Program to simplify verification requirements. The agency is considering home visits by personnel to assist pensioners in compliance. At the end of 2024, SSS had 157,493 pensioners.
Additionally, De Claro announced plans to lower interest rates for salary and calamity loans, currently at 10% per annum, citing strong investment portfolio performance.
The contribution rate increased to 15% in January, raising the minimum monthly salary credit (MSC) to P5,000 from P4,000 and the maximum MSC to P35,000 from P30,000. The SSS expects an additional P51.5 billion in collections, with P18.3 billion allocated to the Mandatory Provident Fund (MPF) accounts of members.
Meanwhile, Senator Grace Poe has called for a Senate inquiry into SSS’ inefficiency in collecting contributions from delinquent employers. Audit reports revealed that in 2023, the agency collected only 4.89% of its P93.747 billion target, leaving P89.17 billion uncollected.
Despite improvements in collections, De Claro acknowledged that many employers are still struggling due to the pandemic’s impact.
