“The fund is expected to be depleted and we have to think of ways to extend to perpetuity,” Cruz said.
“Any drop in collections may lead to cash flow and liquidity issues. This could endanger the SSS’ ability to provide its members and their beneficiaries with benefits and loan privileges,” Dominguez warned.The SSS officials said one of the new benefits was the Workers’ Investments and Savings Program , to be rolled out by January 2021, that will entitle members to retirement, total disability and death benefits in addition to the regular SSS benefits.
Earnings realized from investments will be distributed proportionately based on members’ contributions, with the tax-free base return of investments of 4.5 percent.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: