BOTH HOUSES of Congress ratified the bicameral conference committee report on a bill authorizing the President to defer any scheduled increases in the Social Security System (SSS) contribution rate during calamities.
The Senate in its last plenary session on Wednesday approved the report harmonizing Senate Bill No. 2027 and House Bill No. 8512 which amended Republic Act No. 11199 or the Social Security Act of 2018, which outlines the timetable for increasing the contribution rate.
The House of Representatives approved the report in its last plenary session on Thursday. Congress will resume session on May 17.
The amendment authorizes the President to suspend the increase in contribution rates on the recommendation of the Social Security Commission, after due consultation.
Monthly contributions are set to increase by one percentage to 13% in 2021, according to the SSS law.
A one percentage-point increase is scheduled every other year starting in 2019 until the rate hits 15% in 2025.
Senator Richard J. Gordon, the sponsor of the bill, said last month when the Senate bill was approved on third and final reading that the scheduled contribution increase was “not timely because of the continuing hardship brought about by COVID-19 to the people and to the business sector.”
The state of calamity for the pandemic runs until Sept. 12, 2021. — Vann Marlo M. Villegas