The Social Security System (SSS) has announced several key initiatives aimed at enhancing its services for pensioners, reducing loan interest rates, and expanding coverage for self-employed professionals.
Simplifying Pensioner Verification
SSS President and CEO Robert Joseph M. De Claro stated that the agency is reviewing its Annual Confirmation of Pensioners (ACOP) Program to simplify verification requirements and improve convenience for pensioners.
“To address the concerns of pensioners aged 80 and above, we are analyzing the age and geographical distribution of beneficiaries and exploring additional ways to comply with ACOP requirements, such as home visits by SSS personnel,” De Claro explained. As of the end of 2024, 157,493 retirees in the Philippines fall under this category.
Lower Loan Interest Rates by 2025
SSS is also working to reduce interest rates for its salary and calamity loan programs, currently set at 10% per annum.
“Given the strong performance of our investment portfolio, now is the right time to revisit our loan interest rates to allow members to receive higher net loan proceeds,” De Claro said.
From 2021 to 2024, SSS achieved an annualized Return on Investment (ROI) of 5.8% to 6.6%, demonstrating resilience even during the COVID-19 pandemic.
Expanding Coverage for Self-Employed Professionals
To improve collection compliance, SSS is also targeting self-employed professionals, including accountants, doctors, and engineers. The agency plans to collaborate with the Professional Regulation Commission (PRC) to ensure continued SSS contributions, even for those who have already reached 120 contributions.
“These initiatives reinforce our commitment to service excellence, financial discipline, and sustainability, ensuring that SSS remains strong for future generations,” De Claro added.
The SSS Management and Social Security Commission (SSC) will finalize these programs for implementation in 2025.