With the ratification of RA 11199, which was signed earlier this month by President Rodrigo Duterte and intended to strengthen the government entitlement program, Social Security System (SSS) CEO and President Emmanuel F. Dooc said the new law extends the program’s viability to 2045.

In a press release, he noted, SSS in its current state could last until 2032 but with the contribution increases included in the new law, funding will be able to stretch further.

“We would like to appeal [for] our members to see these reforms as additional savings and not as a burden for them,” Dooc explained. “We would like to ensure that SSS [will] have enough funds for their short-term and immediate financial needs during times of contingencies.”

“Along with these reforms, of course, benefits and privileges for our members will also improve,” he added.

In a previous release, the SSS CEO pointed out, the new law is expected to generate additional funding as monthly contributions will gradually increase, with a goal of growing from the current 11 percent to 15 percent by 2025.

“This is a huge success for the pension fund,” Dooc previous noted. “This new law will breathe in new life to SSS so that it can continue to serve its stakeholders, members, and pensioners.”/WDJ