SSS to Improve Pension Services, Lower Loan Interest, and Expand Self-Employed Coverage in 2025

The Social Security System (SSS) announced plans for 2025 to improve pension services, lower interest rates on salary and calamity loans, and expand coverage for self-employed workers.

SSS President and CEO Robert Joseph M. De Claro said the agency is reviewing the Annual Confirmation of Pensioners (ACOP) Program to simplify requirements and verification processes for pensioners. The review aims to assist retirees in the country, especially those aged 80 and above. By the end of 2024, there were 157,493 pensioners in this age group.

SSS is also working on reducing the 10 percent annual interest rate on salary and calamity loans. De Claro said that due to the agency’s strong investment performance in recent years, it is now possible to adjust loan rates to increase cash proceeds for members.

To improve compliance among self-employed professionals, SSS plans to coordinate with the Professional Regulation Commission (PRC) to encourage accountants, doctors, engineers, and other professionals to continue their contributions. The goal is to ensure their SSS membership remains active, even after reaching 120 contributions.

SSS management and the Social Security Commission (SSC) will finalize these plans for implementation in 2025. (ASC)