NEW SOCIAL Security Commission (SSC) chairman Carlos Dominguez III has emphasized the need to reduce the state-run pension fund’s overhead expenses and use digital tools to make it easier for its members to access services.
“We need to be very prudent in managing expenses because we are talking about the hardearned savings of Filipino workers. The new SSS law has provided the means to beef up the pension fund through contribution rate adjustments. Our role now is to digitize processes that will make it easier for members to access services. Modernizing systems will also eventually save on costs and other operating expenses,” Dominguez said.
Based on the Social Security Act of 2018, Social Security System (SSS) is allowed to spend no more than twelve percent (12 percent) of the total yearly contributions plus three percent of other revenues for administrative and operational expenses such as salaries and wages, supplies and materials, depreciation, and the maintenance of offices of the SSS.
SSS financial statements show that the pension fund utilizes an average of five percent of its total revenue for annual operating expenses since 2016. Operating expenses of SSS amounted to P9.48 billion in 2016, P9.54 billion in 2017, and P9.76 billion in 2018.
As part of his mandate, Dominguez also wants to see more investments in information technology in support of the planned digital transformation of the pension fund.
“We have to do some serious investments in technology because it will not only save us but will also save time for the transacting public. Online transactions are easier and more convenient. But I directed the SSS management at the same time to be clear as to when exactly we are supposed to see the returns of our investments in electronic services,” Dominguez said.
At present, SSS electronic services include online application for SS number issuance, application for member data amendment, Payment Reference Number (PRN) inquiry and generation, employment report submission, submission of contribution (R-3) and loan collection list (ML-2), salary loan application, certification of salary application, filing of maternity and sickness notification.
These services and claims can be made thru the SSS Website–My. SSS, the SSS Mobile App, Self-Service Information Terminal (SSIT), Interactive Voice Response System (IVRS) and Text-SSS.
Other services that may be filed through these channels include filing of retirement claim applications, annual confirmation of (ACOP) program, request for branch appointment, inquiry on location of SSS branch, Member/Employer/ Household Employer, feedback submission, inquiry on SS information, Personal Equity Saving Option (PESO) fund enrolment, Flexi-fund enrolment and requesting of records.
Last January 2018, SSS made a bold move in its digital platform when it implemented the Real-Time Processing of Contributions (RTPC) program.
