Posted by Batas Internet Media on Wednesday, March 23, 2011
SSS collects P979-M from employers’ delinquent premiums, loans
CAGAYAN DE ORO CITY-- The Social Security System (SSS) collected P979.46 million contributions and loan amortizations from delinquent employers last year as a result of demand letters and charges in court filed against them, a top official said.
SSS President and Chief Executive Officer Emilio de Quiros Jr., who attended the annual performance review of the Visayas-Mindanao Operations Group held here, said the amount surpassed the P716.16 million delinquency collection through legal action in 2009 by 37 percent or over P260 million.
"The amnesty program for contributions from February to August last year helped in bolstering our delinquency collection. We expect the loan amnesty for employers, which will end on June this year, to further boost collections," he said.
Employers must be updated in payment of their contributions to be eligible for the loan amnesty, which waives penalties on delinquent loans due on or before April 1, 2010. They can remit their loan delinquencies in full or through installment payments of up to 24 months.
Employers are required to remit payments for contributions and loans on or before the tenth day after the applicable month. The SSS charges monthly penalties of three percent for late contributions and one percent for overdue loans.
"We urge employees to monitor their company’s remittances through the SSS website, branch kiosks and the TextSSS facility," De Quiros said.
He said about 42 percent or more than P415 million of the P979.46 million total collection were from employers who settled their obligations after getting demand letters, and P420.2 million more came as a result of court cases.
The SSS also collected P143.73 million from those charged before Social Security Commission, the agency’s governing board that hears SSS-related cases, De Quiros said.
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