My Google Page Rank

SSS, Private insurance companies, not competitors, Dooc says

PDFPrintE-mail

The Social Security System (SSS) on Monday urged private companies to design benefit programs that will meet their workers' needs aside from the social protection provided by state-run pension funds.

SSS President and Chief Executive Officer Emmanuel F. Dooc said that in these times of globalization and workforce mobility, companies need to be equally adept in designing benefit programs that meet their workers’ needs and provide incentives for them to stay in the company, as well as attract valuable new talent.

"Company-sponsored benefits serve these purposes and can adequately protect workers, if designed and funded correctly," Dooc said during his presentation in the 17th Lockton Global Benefits Forum held in Makati City.

Dooc, in his presentation, also stressed out that private companies and state-run pension fund like the SSS are far from being each other's competitors.

“The private insurance industry and our institution are not in competition – far from it. We form two of the four pillars of social protection that keep the citizenry from falling into despair when hardships arise,” he said.

Dooc said that the four pillars of social protection were social assistance, social insurance, provident fund system and voluntary and privately-managed plans. These pillars, according to the SSS chief, were bound by two common goals: to provide emotional and financial security to insured clients or members in their time of need and through investment activities, to assist in the country’s economic development.

Dooc also discussed a report published by the United States Social Security Administration in 2014 covering 177 countries in the Asia-Pacific region, including the Philippines.

Based on the report, Australia gave the highest pension to its members that reaches to as high as P69,000 per month while Bangladesh gave the lowest pension at P168 pension per month. Philippines, meanwhile, lies along the countries with lower monthly pension at P1,200 per month before the additional P1,000 benefit for pensioners was implemented in January 2017.

“Why can’t the SSS give these levels of monthly pension? Again, I will have to remind you that the amount of our retirement pension is based upon, among other factors, the length of time and the declared monthly salary credit that the employee has made throughout his or her active working life,” Dooc said.

“Having higher contributions will definitely bring up the pension amounts. Unfortunately, setting the optimum SSS contribution levels is out of our hands and often becomes a political issue. We share the move to grant meaningful benefits to our members but we should provide the funding mechanism to support it without impairing the viability of the fund." he added. (SSS)




Related news items:
Newer news items:
Older news items:

Add comment


Security code
Refresh

BAP TOURNAMENT AND OFFICIATING LEAGUE

23 Nov 2017 Hits:56 Be the first to comment!

Schedule games for Nov. 26,2017 (Sun) Golden Boys Gym 8:30 am  Bonchon -vs-  J Vince 10:00 am  Jocsie     -vs-   RRJ RESULT of the games played last Nov.19,2017(Sun) WEST SCC GYM.. SAN JOSE GUSU J VINCE Won by forfeiture againts BOLONG. 20 -0. TEAM JOCSIE 75 Acebedo 20, Raco 8, Duterte 10, Salcedo 8, Elopre 8, Salih 6, Cabato 4, Tubio 4, Fabian 4, Casimiro 2, Zaragoza 2.Best player- Jun Acebedo (9) TEAM PYP 55 BUENBRAZO 10, RUBIO 9, TINAPUNAN 9, INFANTE 8, BURNOS 7, LEDESMA 4. Bonchon TEAM 67 Brillo 20, PIOQUINTO 13, TORIBIO 12, ANTONIO 7, QUIBILAN 6, PADINAS 4, QUE 4, ARAGON 3, ELNAS 2. Best player- Dennis Brillo. RRJ TEAM 55 MURIEDAS 14, FERNANDEZ 10, BERNARDO 6, PEREYRA 5, AQUINO 4, AQUINO M. 4, GREGORIO 4, SURAIN 2. 1ST [...] Read more

Prev Next Page:

Four houses destroyed by fire

23 Nov 2017 Hits:54 Be the first to comment!

Four houses made-of-light materials were totally razed to the ground in Royal Lane Drive, Barangay Tugbungan. Zamboanga City Central Fire Station (ZCCFS), District Fire Marshall Clint Cha identified the owners of [...] Read more


WMSU, WMBA host National Training on Bio-Threat Reduction for LGUs

22 Nov 2017 Hits:67 Be the first to comment!

The Western Mindanao State University (WMSU), through the Western Mindanao Biosafety and Biosecurity Association (WMBA), and in partnership with the United States Department of Defense- Defense Threat Reduction Agency, successfully [...] Read more


Fire Chief prepares for fire

22 Nov 2017 Hits:64 Be the first to comment!

In preparation for the coming Yuletide Season, District Fire Marshal, Chief Insp. Clint Cha has called on all fire sub-stations to prepare and ready their various equipment and firetrucks. Cha said [...] Read more


DOH cites importance EO 28

22 Nov 2017 Hits:56 Be the first to comment!

The Department of Health, Regional Office 9 yesterday explained the objective and importance of Executive Order Number 28 of President Rodrigo Duterte on June 27, 2017, providing for the regulation [...] Read more


Wesmincom Chief says ASG strenght significantly dropped

22 Nov 2017 Hits:63 Be the first to comment!

Lt. Gen. Carlito Galvez, Western Mindanao Command Chief, yesterday said that the strength of the Abu Sayyaf Group in Sulu, Basilan and Tawi Tawi has significantly decreased. Galvez said this is [...] Read more


D' CUSTODIAN BALLER … NELLIE

22 Nov 2017 Hits:56 Be the first to comment!

Este si Marnelli Candido Berba, su palayao “Nellie”, 33 años de edad, 5’0” el altor, residente de Talon Talon, Ciudad de Zamboanga. Su mayores si Ernesto N. Berba y Maridol [...] Read more


380 aspiring fire officers take qualifying exams

21 Nov 2017 Hits:76 Be the first to comment!

More or less 380 applicants took the qualifying exam conducted by the Bureau of Fire Protection (BFP-IX) at the Zamboanga State College of Marine Sciences and Technology, yesterday. District Fire Marshal, [...] Read more


Cops, probers undergo training on drug cases

21 Nov 2017 Hits:65 Be the first to comment!

Members of the local police, investigators and other law enforcement agencies undergo a two-day enhancement training on handling drug cases in a bid to ensure successful implementation of the war [...] Read more


Submarine cable landing stations to speed-up internet connectivity – DOST

21 Nov 2017 Hits:112 Be the first to comment!

The slow internet connection in the country may soon be a thing of the past. This was according to the Department of Science and Technology (DOST) as it welcomed the [...] Read more


LADY PANTHER WRESTLER… ERICA

20 Nov 2017 Hits:76 Be the first to comment!

Este si Erica Bataclan Martinez, su palayao “Ecang”, 17 años , 5’3” el altor,    Su mayores si Oscar B. Martinez y Lariza A. Bataclan Martinez, su hermano y hermana [...] Read more


FOOTBALL CHIEF… TENG

19 Nov 2017 Hits:69 Be the first to comment!

Este si VICENTE EDUARDO S. TORRES, ta llama conele “Teng/Pardz/Boboy”, 62 años de edad , casao y su esposa si Esther Facultad Torres Y diila anak si Pompeyo F. Torres [...] Read more


AboitizPower sustains strong foothold in hydropower business

18 Nov 2017 Hits:134 Be the first to comment!

On the back of a strong demand for renewable energy (RE), AboitizPower continues to ramp up its portfolio of generation facilities across the Philippines. AboitizPower's subsidiary, SN AboitizPower, has completed the [...] Read more


ZAMBOANGA FOOTBALL - ROLL D BALL

18 Nov 2017 Hits:80 Be the first to comment!

Del Nov. 12, 2017 Domingo el Segundo semana de Season long Zamboanga Football league. El primer juego tan feature cun Resto del Mundo contra  Zamboanga United . Ta pricura man [...] Read more


Police shift war on drugs to anti-gun-for-hire drive

17 Nov 2017 Hits:93 Be the first to comment!

Police regional director and vice chair of the Regional Peace and Order Council (RPOC) for Western Mindanao Chief Supt. Billy Beltran announced recently that all police operatives previously assigned in [...] Read more


Military launch rescue ops for latest victims of ASG

17 Nov 2017 Hits:129 Be the first to comment!

Government troops are now conducting operations to rescue the six people, including two children, who have been abducted by about 15 suspected Abu Sayyaf bandits in Patikul, Sulu, according to [...] Read more


OCENR sets city-wide clean up on Nov 25

17 Nov 2017 Hits:74 Be the first to comment!

The City Government through the Office of the City Environment and Natural Resources (OCENR) will head a city-wide clean up drive on November 25. “We are going to have a city-wide [...] Read more


2017 MUAY THAI NATIONAL CHAMPIONSHIPS

17 Nov 2017 Hits:90 Be the first to comment!

Este si Leo Gandy Serrano, 15 años , Grade 10 na Claret High School Ciudad de Zamboanga . Ya principia juga Muay Thai cuando Grade 5 ele , producto le [...] Read more


Zambopen PWDs endorse Kahil as AVRC III head

16 Nov 2017 Hits:92 Be the first to comment!

The Persons with Disabilities (PWDs) in Zamboanga Peninsula as represented by their chosen leaders have strongly endorsed Zamboangueno Teddy Kahil as head of the Area Vocational Rehabilitation Center (AVRC) in [...] Read more