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Pension plan for Filipinos abroad awaits Duterte nod

Proposed enactment that will make it obligatory for abroad Filipino laborers to end up individuals from the state benefits finance is currently anticipating President Rodrigo Duterte’s signature for it to become law.

Following endorsement by the Senate of the proposed “Social Security Act of 2018”, the measure just should be cleared by the President for the law to produce results in half a month. 


Once passed the measure will, in addition to other things, likewise make it mandatory for  overseas Filipino workers to add to the state-run private segment provident fund, the Social Security System (SSS). 


"The changes to projects and administrations of the SSS are one step closer from establishment into law as the Senate approved last November 28, 2018 the bicameral conference committee report regarding the bill updating the SSS sanction," an announcement released by the Senate as of late, said. 

The Senate version of the bill was passed on the third perusing on October 8, 2018 after a comparable move by the House. 

Congressperson Richard Gordon, administrator of the Senate Committee on Government Corporations and Public Enterprises and creator and supporter of Senate Bill 1753, said the measure would repeal the 21-year old Social Security Law, and extend the forces of the SSS to guarantee the long haul feasibility of the system.

Gordon says, "The bill is an improvement of the past laws; it guarantees trust that the people would not be a burden to the nation, that they are accomplices of the administration not by method for taxes of expenses but by their contribution so that their welfare is assured,” 

Gordon said one of the remarkable highlights of the coming law is the obligatory inclusion of both land-based and ocean based OFWs to the SSS, "gave that they are not more than 60 years old."

Currently, membership into the SSS is voluntary. Membership to the SSS means OFWs implies OFWs can keep adding to the fund. Its advantages include loan and emergency pension in case of disability of  transitory powerlessness to work.

The approaching law is relied upon to broaden the coverage of the SSS from the present 500,000 OFWs to in excess of two million and a half individuals in the OFW part.

“Even the Filipinos who became naturalised Americans and retired in the United States may be invited to invest in the provident fund,” he said.

Gordon also added would also authorise the SSS Commission to determine the salary credit and monthly contributions of members, which would now allow the commission to increase contributions “depending on the actuarial survey.

He said that the extended forces are required since it would enable the SSS the board to build the compensation credit and month to month commitment of workers "thinking about that at present it is just constrained to P1,600 (Dh112) which yields next to no profit."

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