ID Production, Resumed

In 2010, the Social Security System in the Philippines or SSS has stopped its ID production after its machine broke. Now, the SSS revealed that the production has been resumed.

So all SSS members who wants to get new SSS ID or wants to replace the lost ID, you can now go to the SSS branch near you and settle your purpose. However, the SSS said that they need two months to finish backlog or those application that has not been processed due to the machine broke down.

Lower Rates of SSS Loans

It's a good news today for all SSS members and those who want to get a loan from the SSS.

The Social Security System has lowered the interest rate for the loans in either commercial or personal. Previously, the interest rate was 13.5 percent for commercial and 10 percent for personal. The latest interest rate is 11.7 percent for commercial and 7.5 percent for personal loans.

Increase in Contribution and Pension

The SSS president and CEO Emilio de Quiros Jr released a statement saying that SSS proposed a 0.6 percent increase in the contribution rate to 11 percent. This might a bad news to SSS members who are paying contributions because their contribution fees will increase. However, there is also a good news to this. According to de Quiros, SSS proposed to increase the pension of the SSS members too.

Here's part of the news regarding this:

De Quiros said SSS has proposed a 0.6% increase in the contribution rate to 11%, and a P5,000 increase in the maximum monthly salary credit. He said if approved, the adjustments would allow the agency to implement a 10% across-the-board pension increase, give pensioners a P500 one-time grant, and hike other benefits.