MANILA, Philippines — President Rodrigo Duterte has signed into the law a measure which will overhaul the charter of the Social Security System (SSS).
Executive Secretary Salvador Medialdea confirmed this Friday.
One of the salient features of the new law is the rationalization of powers of the Social Security Commission, the policy-making body of the SSS, allowing it to expand the investing capacity of the pension fund that will generate better income for the benefit of its members and pensioners.
Senator Richard Gordon, one of the bill’s authors, earlier said the measure’s passage would “expand, protect and increase the SSS fund so that when the time comes, there would be available pension for the people.”
The new law also requires SSS coverage for overseas Filipino workers (OFWs).
According to Gordon, only 500,000 OFWs are so far covered by SSS.
With the new law , projected SSS membership among OFWs, including Filipinos who were naturalized in other countries, will rise around 2.5 million./ee, gsg