|Rep. Evelina G. Escudero|
Escudero said the bill grants the SSS the flexibility and prerogative to enhance collection of contributions especially the delinquent ones.
"The bill is in consonant with the demands of a viable social security system given the changes brought about by social, economic and other pertinent indicators," Escudero said.
The bill seeks to amend Republic Act 1161 creating the Social Security Law.
Under the bill, the commission shall also determine the minimum and maximum monthly salary credits, the schedule and the rate of contributions, the rate of penalty on due but unremitted contributions and unpaid loan amortizations.
The commission shall submit to both the Senate and the House of Representatives, an annual report on the exercise of the powers under this measure.
The report shall include the names and addresses of employers whose penalty delinquencies have been the subject of compromise or condonations.
Likewise, the report shall include the amount involved, amount compromise or condoned and the reasons for the exercise of power to determine that powers are reasonably exercise and that the SSS is not unduly deprived of revenues.
The rate of the penalty on delinquent contributions per month shall be determined and fixed by the commission through rules and regulations.