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

DILG urges city’s barangays to submit disaster plan

19 Jul 2018 Hits:157 Be the first to comment!

Department of Interior And Local Government (DILG) City Director Mohammad Taha Arakama is urging the different barangays here in Zamboanga City to submit their Barangay Disaster Risk Reduction Management Plan. Director Arakama reiterated this appeal to the barangay after it was found out that majority of the city’s 98 barangays have not yet submitted their barangay disaster plan to the DILG city office. Zamboanga Today learned that as of the present there are only 25 barangays which have submitted their respective disaster plan to the office. “We are enjoining those barangays which have not yet submitted their disaster plan to already submit their disaster plan to our office. They need to come up with their own disaster plan in the barangay so that [...] Read more

Prev Next Page:

City to require all ‘lechoneros’ to utilize San Roque slaughter and roasting facility

13 Jul 2018 Hits:225 Be the first to comment!

The city government is set to implement an ordinance mandating all members of the Lechoneros Association of Zamboanga to slaughter and do roasting activities at the government’s Slaughter House facilities [...] Read more


Shooting suspect nabbed

11 Jul 2018 Hits:195 Be the first to comment!

Personnel of Police Station 9 led by Sr. Insp. Sammy Sakilin arrested on Monday the suspect in the shooting incident in Barangay Recodo last Saturday. Aljin Ahalul y Isad, 27, single, [...] Read more


Rotary Club West condemns killing of its immediate past president

09 Jul 2018 Hits:266 Be the first to comment!

The Rotary Club of Zamboanga City West (Rotary International District 3850), condemns in the strongest terms the gruesome killing of our Immediate Past President (IPP) Michael "Mike" T. Magallanes on [...] Read more


ZCPO: Martial law imposition helps deter crimes in Zambo

09 Jul 2018 Hits:209 Be the first to comment!

The Zamboanga City Police Office (ZCPO) yesterday disclosed that martial law has tremendously help the police in curving criminality in the city. Police PIO Sr. Insp. Shellamie Chang disclosed it has [...] Read more


ZamPen Native Chicken FIESTA atbp. to showcase AANR S&T outputs

07 Jul 2018 Hits:237 Be the first to comment!

The Western Mindanao State University (WMSU), through the Western Mindanao Agriculture, Aquatic and Natural Resources, Research and Development Consortium (WESMAARRDEC), will host anew the ZamPen Native Chicken FIESTA atbp. on [...] Read more


Beng vows continuous service amidst threats

05 Jul 2018 Hits:252 Be the first to comment!

Mayor Beng Climaco said she will continue to perform her mandated duties despite the challenges including death threats. “We should be very cautions but it should not prevent us from serving [...] Read more


Zion celebrates 22nd Anniversary

12 Jun 2018 Hits:307 Be the first to comment!

In a simple ceremony, Zion Evangelical School celebrates this morning its 22nd founding anniversary. It will be recalled that on June 12, 1996, the school opened its doors of 525 students [...] Read more


Basilan Abu Sayyaf leader, nine followers surrender

12 Jun 2018 Hits:357 Be the first to comment!

A sub-leader of the Abu Sayyaf group and nine of his followers inolved in terroristic activities have surrendered to military. Lt. Col. Gerry Besena, spokesman of the Western Mindanao Command (WestMinCom),  [...] Read more


Drug pusher falls

12 Jun 2018 Hits:308 Be the first to comment!

An alleged drug pusher was arrested in a buy-bust operation at Calle Junk, Barnagay Camino Nuevo, Zamboanga City, yesterday dawn. Police Station 11, Station Drug Enforcement Team (SDET) led by SPO3 [...] Read more


LGU, gov’t agencies to forge MOA on water monitoring project

08 May 2018 Hits:762 Be the first to comment!

The local government will be forging a partnership with national government agencies for a water monitoring project on Friday, May 11. City Planning Officer Engr. Rodrigo Sicat on Monday, May 7, [...] Read more


Four Kidnap victims rescued in Zamboanga del Norte

14 Mar 2018 Hits:1130 Be the first to comment!

Four kidnap victims, who were held captive for nine days in Sirawai town, Zamboanga del Norte, have been escued, the military said. The Western Mindanao Command's spokesperson, Capt. Jo-Ann Petinglay, said [...] Read more


Beng urges women: Be brave, be strong

09 Mar 2018 Hits:980 Be the first to comment!

In celebration of women empowerment, Mayor Beng Climaco urged all women to be brave and strong amidst challenges and difficulties. Speaking to hundreds of women and men who joined the Marcha [...] Read more


CA denies Musa’s motion on IP seat in City Council

09 Mar 2018 Hits:1012 Be the first to comment!

The Court of Appeals has denied Ismael Musa’s motion for reconsideration relative to his assertion as sectoral representative of the Indigenous People in the Sangguniang Panlungsod of Zamboanga City. In a [...] Read more


City welcomes Curuan-Sibuco road

07 Mar 2018 Hits:1130 Be the first to comment!

Mayor Beng Climaco has welcomed the inclusion of the Curuan-Sibuco road project, one of the subprojects proposed under Improving Growth Corridors in Mindanao Road Sector Project (IGCMRSP) of the Department [...] Read more


Beng welcomes Litlit’s appointment as SP member

15 Feb 2018 Hits:1206 Be the first to comment!

President Rodrigo Duterte has appointed San Roque Barangay Chairman Joselito “Litlit” Macrohom as member of the Sangguniang Panlungsod or City council replacing Charlie Mariano who stepped down from office last [...] Read more


City Registrar observes Civil Reg Month

15 Feb 2018 Hits:1015 Be the first to comment!

The city, through the Office of the City Civil Registrar,is observing the Civil Registration Month this February with several activities highlighting the importance of civil registration. The month-long observance is punctuated [...] Read more


CHO stresses need for measles vaccination

14 Feb 2018 Hits:890 Be the first to comment!

The City Health Office (CHO) yesterday appealed to parents to submit their children for measles vaccination. This after a seven-month baby died last February 6, 2018 allegedly due to measles, five [...] Read more


MYEISHA JOLO DOWN M.LOZANO TAWI – TAWI

11 Jan 2018 Hits:968 Be the first to comment!

Este el Istoria del Jong Cariaga Mindanao Cup 2018 que ya hace na Golden Boys gym anoche. Ya sale Champion el Myeisha Jolo kay completo todo departamento del juego especialmente [...] Read more