The Social Social Security System (SSS) denied Thursday that it has P437 billion in uncollected contributions and penalties.

Bayan Muna chair Neri Colmenares on Wednesday said the SSS should explain the alleged uncollected premiums before it starts raising contribution rates.

The SSS uncollected premiums has slid to P24 billion in established delinquency accounts and P79 billion in outstanding loans, said agency President and CEO Emmanuel Dooc.

He attributed the decrease to improved collection of members' contributions, which averaged P15 billion per month last year, up from P11 billion in 2016.

Contribution collection, he added, saw a record high of P19.8 billion last January.

The SSS regularly raids and posts notices in companies that fail to remit members' contribution, said Dooc.

President Rodrigo Duterte earlier this month signed the SSS Act of 2019, which provides for compulsory coverage of overseas Filipino workers below 60 years old. The measure also grants unemployment benefits to laid-off workers.

• Laid-off workers, OFWs to get benefits under new SSS charter

Contribution rates will be hiked to 15 percent by 2025 from the current 11 percent, to fund the new perks, as well as the additional P1,000 pension benefit promised by Duterte.

DZMM, 21 February 2019