A senator is pushing for a congressional probe into reported massive net losses incurred by the Social Security System (SSS). Read more👇
Senator Francis Tolentino aired his concern over the net losses amounting to P843.9 billion as shown in the 2021 unaudited financial statements of SSS.
“The effect of the aforementioned reported losses should be scrutinized for the purpose of crafting laws and regulations that would provide further security to the agency’s long-term financial standing,” said Tolentino.SSS President and CEO Michael Regino earlier explained that the multibillion net loss shown in its unaudited financial statements is due to a change in accounting standards brought by Philippine Financial Reporting Standards 4.
As of April 2021, 40.49 million Filipinos are enrolled with SSS. About 76% or 30.77 million are employed members, while 5.03 million are voluntary paying members, 3.35 million are self-employed members, and 1.34 million are Overseas Filipino Workers members, based on the latest data posted on the agency’s website.
“This increase in net loss from the previous year is due to the recognition of the margin for adverse deviation in our policy reserves. MfAD serves as a buffer for conservatism, which we have considered in our financial statements beginning 2021,” Regino said.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Senator calls for probe of P843.9-billion SSS lossesMANILA, Philippines — Sen. Francis Tolentino has called for a congressional inquiry into the reported massive net losses in the finances of the Social Security System (SSS) amounting to P843.9
Baca lebih lajut »
SSS now accepts online applications for 1st-time pension loan borrowersThe Social Security System (SSS) announced that retirement pensioners who are first-time borrowers under the SSS Pension Loan Program (PLP) may submit their applications via My.SSS portal starting Monday, May 30.
Baca lebih lajut »
Comelec wants laws vs online trolls, regulated social mediaThe Commission on Elections (Comelec) will push for laws regulating social media and stopping the use of trolls during the campaign period.
Baca lebih lajut »
Senator calls for probe of P843.9-billion SSS lossesMANILA, Philippines — Sen. Francis Tolentino has called for a congressional inquiry into the reported massive net losses in the finances of the Social Security System (SSS) amounting to P843.9
Baca lebih lajut »
SSS now accepts online applications for 1st-time pension loan borrowersThe Social Security System (SSS) announced that retirement pensioners who are first-time borrowers under the SSS Pension Loan Program (PLP) may submit their applications via My.SSS portal starting Monday, May 30.
Baca lebih lajut »
Labor groups push hybrid work schemeLABOR groups batted for the full implementation of the hybrid work system, citing a study that showed Filipino employees saved more when this scheme was implemented at the height...
Baca lebih lajut »