MANILA, Philippines — State-run pension fund Social Security System (SSS) is allowing members, especially those having a hard time with their contributions, to be paid by other individuals and groups in a bid to further boost social protection.
SSS has introduced the Contribution Subsidy Provider Program (CSPP) that encourages individuals and groups to subsidize the monthly contributions of SSS members.
SSS president and CEO Michael Regino said the program targets to transform social security coverage in the country as this would aid members who find it difficult to regularly pay their monthly contributions.
Under the program, a contribution subsidy provider would cover the contributions of self-employed, land-based overseas Filipino workers or voluntary members.
A contribution subsidy provider could be a private or government individual or group willing to subsidize the SSS contributions of identified members.
“We want to provide SSS coverage to workers in the informal sector and land-based OFWs. These workers have the lowest social security coverage in our workforce, and they are among the most vulnerable sectors in times of contingencies,” Regino said.
He added that the SSS has been encouraging members to consistently pay their monthly contributions.
However, the pension fund understands that the current economic situation makes it challenging for members to pay their SSS contributions regularly amid intermittent income and varied work arrangements.
Based on the CSPP, the SSS would partner with potential contribution subsidy providers who are willing to shoulder the contribution payments of chosen SSS members for at least six months.
They could become a coverage and collection partner of the SSS through an online certification with undertaking or a memorandum of agreement.
Contribution subsidy providers can pay the SSS contribution subsidies in any SSS branch or through an SSS-accredited collection partner.
Government agencies can also subsidize the contributions of their job order workers since they are not covered by the Government Service Insurance System.
Likewise, private institutions or multinational companies can also shoulder SSS contributions of self-employed informal sector workers or land-based OFWs who lost their jobs due to the pandemic as part of their corporate social responsibility.
“Subsidizing their SSS contributions will allow Filipinos to gain access to social security benefits which will serve as a cushion that they can rely on in times of emergencies and various contingencies,” Regino said.