SSS partners with GCash for Peso Fund contributions
MANILA, Philippines — State-run Social Security System (SSS) has forged a partnership with mobile wallet GCash to provide members of its Personal Equity and Savings Option (PESO) Fund another channel for the payment of their contributions, a top official said.
In a statement, SSS acting president and chief executive officer Aurora Ignacio said more than 17,000 members of the SSS PESO Fund may now pay their contributions via Globe GCash.
“Acceptance of PESO Fund payments were included in the Globe GCash facility so that members can regularly remit their contributions, thereby securing an extra layer of protection for their future needs,” Ignacio said.
Dubbed as the second savings for pension, the SSS PESO Fund is a voluntary provident fund which offers an additional layer of social security protection to actively-paying members, on top of their regular SSS benefits.
The provident fund offers three types of accounts, including retirement and disability; medical expenses; and other financial needs, such as business capital and tuition fees, among others. Enrollees also have the liberty to select their beneficiary.
Aside from PESO Fund contributions, SSS earlier allowed the use of Globe GCash in paying premium contributions, salary loans and real estate loans.
Furthermore, the state fund said business and household employers could use Globe’s virtual wallet facility in paying their employee’s contributions using the system-generated Payment Reference Number.
“This is to encourage our paying members to use Globe GCash for a more convenient, easier, and safer means to pay their obligations with SSS,” Ignacio said.
From December 2015 to present, the SSS said 1,424 members used Globe GCash, with the average monthly collections amounting to P1.5 million.
The SSS is continuously automating its services for the convenience of its members.
Last year, the state fund started the implementation of the real-time posting of contributions system.
This allows the instant validation, transmission and acknowledgement of SSS contribution data between the payment facility and the SSS system, and subsequently, the immediate posting of a member’s contribution record.
The system seeks to address delays in the posting of contribution payments, which results in ineligibility to SSS benefits and loans, and delays in the processing of claims.