The Social Security System (SSS) has announced a series of initiatives aimed at improving services for pensioners, reducing interest rates on salary and calamity loans, and expanding coverage for self-employed individuals. These measures align with SSS’ ongoing commitment to financial sustainability and enhanced member benefits.
Enhanced Services for Pensioners
Recognizing the need for greater convenience and efficiency, SSS is set to review and simplify its Annual Confirmation of Pensioners (ACOP) Program. The goal is to streamline verification processes and reduce the administrative burden on pensioners, particularly those aged 80 and above residing in the Philippines. As of the end of 2024, this demographic includes 157,493 pensioners.
SSS President and Chief Executive Officer Robert Joseph M. De Claro emphasized the importance of refining ACOP guidelines to ensure seamless pension disbursement.
“We are evaluating factors such as the age and geographical distribution of pensioners and exploring additional methods for ACOP compliance. Our approach includes leveraging available SSS resources, such as home visits by branch or office personnel, to facilitate verification,” De Claro stated.
Reduction of Loan Interest Rates
A key highlight of SSS’ 2025 agenda is the planned reduction of interest rates on salary and calamity loans. Currently, these loan programs carry an annual interest rate of 10%.
“With SSS’ investment portfolio demonstrating consistent and solid performance, now is the opportune time to revisit our loan interest rates. By lowering these rates, we aim to increase the net cash proceeds for qualified members, providing them with greater financial relief,” De Claro explained.
From 2021 to 2024, SSS’ annualized Return on Investment (ROI) ranged between 5.8% and 6.6%, maintaining strong financial performance despite economic disruptions caused by the COVID-19 pandemic.
Expanding Coverage for Self-Employed Professionals
Another significant initiative for 2025 involves strengthening SSS coverage among self-employed professionals, including accountants, doctors, and engineers. To achieve this, SSS plans to collaborate with the Professional Regulation Commission (PRC) to enhance compliance and encourage continued contribution payments.
“Our objective is to ensure that self-employed professionals remain active in paying SSS contributions, even if they have already reached 120 contributions. By fostering stronger compliance, we can enhance their long-term financial security,” De Claro noted.
Commitment to Service Excellence and Sustainability
These planned initiatives underscore SSS’ ongoing dedication to improving member services while maintaining financial discipline. De Claro reaffirmed that service excellence remains a top priority, with the organization focusing on both operational efficiency and sustainable financial management.
“These measures align with our broader commitment to strengthening SSS operations and enhancing member benefits. Through these initiatives, we continue to empower our workforce and ensure long-term sustainability,” he added.
The SSS Management and the Social Security Commission (SSC) are set to finalize and implement these plans within 2025, reinforcing SSS’ mission to provide comprehensive and accessible social security protection for all members.
Source: Social Security System (SSS) (Link)
