OFW
SSS to shoulder service
fees for members'
transactions
with partner banks
Credits : www.unionbankph.com
T
he Social Security System (SSS) will shoulder
the costs of standard service fee applied for
local collection and disbursements of
benefits of accredited collecting banks in
accordance to Social Security Commission
(SSC) Resolution No. 870s. 2017.
SSS President and Chief Executive Officer
Emmanuel F. Dooc said the application of standard
service fee is in compliance with the Department of
Finance directive to shift to fee-based compensation
agreement, which will take effect upon amendment of the
agency's existing agreement with its partner banks.
Dooc stressed that the SSS will pay its partner banks
P10 for every payment made by members and employers
as stated in the SSC Resolution.
"We would like to emphasize that the service fee for
every transaction with partner banks will be paid by SSS
and no amount should be collected from our members or
employers,” said Dooc.
Dooc added that the service fee charged for
SSS transactions made through the their partner
banks will compensate the latter for helping the SSS in its
collection efforts. It will also remove the practice of “float”,
which usually serves as a source of compensation for the
banks' services.
“We thank our partner banks for their unrelenting
support to SSS and for helping us in our collections
efforts even without compensation in the past years. We
truly appreciate their kindness in accommodating our
members,” said Dooc.
Based on the SSC Resolution approved late last year,
banks are required to remit to SSS all its collections from
SSS members and employers immediately on the next
banking day from the date of the transaction. Dooc
explained that funds received through its partner banks
can be used for immediate investment.
“With the Real-Time Posting of Contributions
(RTPC), we encourage our partner banks to expedite
their compliance with the new system. Let us help our
members in providing more avenues in paying their
contributions,” said Dooc. sss.gov.ph
"We would like to emphasize that the service fee for every transaction with partner
banks will be paid by SSS and no amount should be collected from our members or
employers,” said Dooc.
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