The Senior Citizens Partylist lauded the urgent and timely enactment of Republic Act 11199 or the Social Security Act of 2018 with its signing by President Rodrigo Roa Duterte Wednesday in Malacanang.
“With the enactment and implementation of RA 11199, we are positive of a future where our national pension system would be more secured, responsive, and relevant for the needs of our once hardworking retirees. Finally, we are realizing a more empowered and empowering Social Security System,” said the partylist’s representative, Milagros Aquino-Magsaysay
The Social Security Act of 2018 further empowers our pension contributors with more responsive benefit schemes and relevant packages, and enables the SSS to be more reactive to economic shifts by according them autonomy in fiscal management, investments, and benefit package hikes.
“The Senior Citizens Party-List, in particular, sees the provision on the mandatory SSS coverage of OFWs as a big leap in ensuring our 2.3 million migrant workers and their families a reliable pension package in their home country upon their retirement,” said Aquino-Magsaysay
“We also see the provision on unemployment insurance as commendable, which equips our labor force with the surety of basic income even in times of unemployment or involuntary separation, that can tide them over in their search for better opportunities,” she added.
The Senior Citizens Party-List believes that the autonomy the law provides the Social Security Commission (SSC) in increasing contributions and benefit packages based on results of the actuarial studies of the SSS makes our social security system more responsive to economic volatility and the actual needs of our pensioners and contributors. This also curbs the politicizing of our state pensions, as it dramatically decreases the dependence on the Office of the President to institute and enforce pension reforms.
Aquino-Magsaysay also commended the SSC Rationalization Act, which enables the SSS to improve its fiscal capacity through investment diversification, and, in so doing, generates more venues of fund generation for its contributing members and pensioners.
“Our elderly also commends the establishment of the SSS Provident Fund for its purpose of providing contributors with lump sum payments at the time of exit from their place of employment. This increases the potential of further income generation through investments and business capital for our future retirees,” said Aquino-Magsaysay.
“While the new law entails new rate of contributions for our hardworking contributors, increasing in 1% increments until 2025 to reach the total of 15% rate of contribution, we hail the formal institutionalization of the 2,200 pesos (for 10-year contributors) and 3,400 pesos (for 20-year contributors) benchmark minimum monthly pension benefit of our SSS pensioners as beneficial in keeping with the rising demands of monthly subsistence for our retirees,” she said.
With SSS’s new mandate of raising benefit packages in accordance to factual actuarial studies, the partylist is positive that these figures will rise in time.
Aquino-Magsaysay said the Senior Citizens Party-List commends colleagues in the House of Representatives, Rep. Enrico Pineda, Rep. Michael Romero, Rep. Vilma Santos-Recto, Rep. Evelina Escudero, Rep. Rene Relampagos, and Rep. Jesus Sacdalan for sponsoring such a milestone piece of legislation.
Meanwhile, Aquino-Magsaysay appeal to the SSS and other agencies involved to heed the wisdom of the older people’s organizations in setting the RA 11199’s implementing rules and regulations to ensure that the reforms in the state social security system would be beneficial to the actual needs of our retirees.