Another game changing law benefiting the people has been signed by President Duterte—the new SSS Law.
Salient provisions of the new SSS Law include the compulsory coverage of all overseas Filipino workers, both land-and-sea-based. For land-based OFWs, the Department of Foreign Affairs and the Department of Labor and Employment and all their agencies involved in deploying OFWs for employment abroad are mandated to negotiate bilateral social security and labor agreements with the OFWs’ host countries to ensure that the employers of land-based OFWs pay the required SSS contributions.
Duterte signs the new SSS Law
We want to develop a culture of work, save, invest, prosper. The law envisions a benefits-based system—what you invest is what you get; no investment, no benefit.
This is a game changing law. Ngayon mas malaki ang savings ng mga tao, mas malaki ang makukuha nila pag lampas nila sa threshold ng 12% at 20 years. Hybrid na - meron silang defined benefits at saka defined contribution.
The law does not promise an abundance of wealth. Ang sinasabi dito ay pagka-nagkaroon sila ng aberya sa kanilang buhay, meron silang panghahawakan. Meron silang masasandalan. Meron silang lifeline that they, themselves, created. Na sila mismo ang nag-contribute with other Filipinos towards the benefit of their own posterity.
This is a game changing law. Ngayon mas malaki ang savings ng mga tao, mas malaki ang makukuha nila pag lampas nila sa threshold ng 12% at 20 years. Hybrid na - meron silang defined benefits at saka defined contribution.
The law does not promise an abundance of wealth. Ang sinasabi dito ay pagka-nagkaroon sila ng aberya sa kanilang buhay, meron silang panghahawakan. Meron silang masasandalan. Meron silang lifeline that they, themselves, created. Na sila mismo ang nag-contribute with other Filipinos towards the benefit of their own posterity.
SOURCE: SENATE OF THE PHILIPPINES