SSS Implements Reduction in Service Fees for Online and Over-the-Counter Transactions

The Social Security System (SSS) has recently issued Circular No. 2023-001 dated April 26, 2023, which announces a significant reduction in service fees charged by SSS-accredited collecting banks, remittance, and transfer companies. This move is expected to benefit the members of SSS who regularly pay their contributions through these channels.

According to SSS President and CEO Rolando Ledesma Macasaet, the pass-on service fees being charged by SSS collecting partners will be capped at P8 per transaction for online payment channels and P10 per transaction for over-the-counter payment. The lowered service fees apply to the monthly contribution payments of various categories of SSS members, including self-employed and voluntary members, Overseas Filipino Workers (OFWs), farmers and fishermen, and non-working spouses. The new guidelines also cover the contribution payments of employed SSS members for the Worker’s Investment and Savings Program (WISP) Plus.

Macasaet emphasized that SSS members will greatly benefit from the reduction of service fees whenever they pay their contributions over-the-counter or through online payment channels. He also revealed that SSS had negotiated with collecting partner banks, remittance, and transfer companies to ease the burden of ordinary SSS members by reducing the pass-on service fee.

Before the implementation of the new guidelines, SSS members were charged a pass-on service fee of up to P25 per transaction by banks, while remittance and transfer companies charged up to P15 per transaction. With the new guidelines, SSS members can now enjoy the lowered pass-on service fees, which took effect on May 1, 2023.