SSS CONDONATION BILL OF 2009 SIGNED INTO LAW

The
SSS Condonation Bill of 2009 was finally signed into law today after
almost two years of hearings and discussions in both congress and
senate. Rep. Lorenzo “Erin” R. Tañada III (Liberal
Party, 4th District, Quezon), who is the principal authors of
the bill and who chaired the technical working group on the measure,
hailed the signing of the bill.

“Though
late, the bill is still a very welcome christmas present particularly
to small and medium businesses,” he said.
The law is set to grant the
Social Security System a one-time authority to condone 100% of the
penalties slapped on unpaid employers’ remittances, while providing
installment options for those who would like to settle through
staggered payment in a period of 48 months.
In
previous statements, the bill has been called a triple mini-stimulus
package which will: (1) provide a venue for companies to pay
their delinquent principal payments, (2) help the SSS immediately
collect an estimated more than P50 billion from the P95 billion
collectible 0principal amounts due, instantly putting money into the
coffers of the SSS and (3) ensure that ordinary and privately
employed individuals can avail of the full benefits of the SSS
members in good standing.
“ Especially in the light of
the calamities of 2009 and the ongoing economic recession, it is
important that the benefits of SSS members such as the loan packages,
be made available. “ he added.
Tañada
also clarified that “The law will help the SSS, the employers and
workers. We were quite conscious that we do not unduly reward
those who have been remiss with their obligations in making timely
payments to the SSS. The 100% condonation of penalties applies
only to cash payments of all delinquent accounts. Those who will opt
to pay thru installment basis will still have to pay a 5% downpayment
on principal amount amount and a 3% per annum interest through a
period of 48 months. More importantly, employers which have pending
cases because of their delinquency status would also be allowed to
avail of the condonation but those who will not avail and will still
not pay are legally accountable to the SSS.”

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