Monday, March 12, 2012

News Update SSS suing more companies for not remitting contributions

The Social Security System, the pension fund for private sector employees, wants to sue more companies this year for not remitting the contributions of their employees.
SSS president and chief executive officer Emilio de Quiros, Jr. said Friday the pension fund sued at least nine of 10 employers that did not remit their employees contributions last year.
The law mandates employers to register new workers within 30 days from employment, De Quiros noted.
"SSS… collected more than P360 million in overdue contributions last year from delinquent employers through legal action. We will continue to step up our filing of cases this year to send a strong message to employers that they must obey the law," De Quiros said.
Last year, SSS sued 1,227 employers or 66 percent more than the 740 cases filed a year earlier. The contributions involved totaled P460.52 million including penalties of 3 percent a month for overdue premiums.
To address the growing problem, SSS is implementing the Loan Penalty Condonation Program for Individual Members starting April 2, 2012.
Under the program, the penalty for members whose monthly amortizations were deducted from their salaries but not remitted to the pension fund will be waived 100 percent.