The Social Security System (SSS) said over the weekend that it is working to improve services for pensioners, reduce the interest rate on its salary and calamity loan programs, and to pursue self-employed coverage.
“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 De Claro, said in a statement Feb. 15.
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. There are 157,493 such pensioners, as of end 2024.
“Our review of the current guidelines includes 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 said.
Also in the pipeline this year 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 percent 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 members,” De Claro also said.
The annualized Return on Investment (ROI) of SSS from 2021 to 2024 ranged between 5.8 percent and 6.6 percent, performing well even through the COVID-19 pandemic.
De Castro said they 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 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,” he said.
The SSS management and the Social Security Commission will tackle these plans and programs and ensure implementation within this year. ||
