Senator Dick Gordon welcomed the Social Security System’s (SSS) reported increased contribution collections because of Republic Act 11199 or the Social Security Act of 2019, which aims to lengthen the life of the state-run pension fund, among others, by gradually increasing the monthly contributions of members.
“When they retire, they will retire with a measure of prosperity.”
Gordon, author and sponsor of RA 11199 which was signed into law in February last year, said the increased collections will enable the SSS to extend better social security protection to Filipinos here and abroad and also to extend its fund life.
“This is called forced savings.”
“The purpose of this law is to uplift the dignity of our people. Magsa-sacrifice ang mga members ngayon by contributing more but they will enjoy a dignified retirement later on. When they retire, they will retire with a measure of prosperity,” the veteran legislator said.
“This law will encourage SSS members to save and invest more so they would reap higher and better benefits. This is called forced savings. Lalaki ang contribution mo, pero mas malaki at mas maganda ang mga matatangap na benepisyo,” the seasoned lawmaker added.
Data from the SSS showed that the contribution collections is expected to increase by 22.7% in 2019, or P221.97-billion as compared to the P180.98-billion collected in 2018.
The same data showed that the monthly contribution collections have increased by an average of P1.64-billion.
Contribution collections from May to October 2019 have increased to P19.65-billion per month as compared to the P15.01-billion collected per month over the same period in 2018.