PRESIDENT Rodrigo Duterte has signed into law a measure proposing amendments to the Social Security System (SSS) charter in a bid to expand the power of the the state-run pension fund.
Executive Secretary Salvador Medialdea confirmed Duterte's signing of the measure through a text message.
Medialdea, however, did not give details.
Malacañang has yet to release a copy of the newly-signed law as of Friday night, February 15.
The newly-signed law overhauls the SSS's 21-year charter, enabling the pension fund to enhance its benefit system and condone penalties of delinquent employers without prior approval from the President.
It also allows the Social Security Commission to diversify SSS investments to generate and boost earnings of the pension fund; determine monthly salary credit and contribution tables based on actuarial studies; and further improve the benefits being disbursed to its members.
The law also seeks mandatory coverage of overseas Filipino workers in an effort to protect them in times of contingencies.
It also aims to provide unemployment insurance for SSS members who will be involuntarily displaced.
It also intends to raise the contribution of SSS members by one percentage point annually starting this year until the current rate of 11 percent increases to 15 percent by 2015.
It also aims to adjust the minimum and maximum salary credit of members. (SunStar Philippines)