NEW SSS LAW ENDS "PALAKASAN" SYSTEM IN THE SOCIAL SECURITY COMMISSION - GORDON
Senator Richard J. Gordon said the Republic Act 11199 or the SSS Act of 2019 would put an end to the "palakasan" system in the appointment of members of the governing board of the state pension fund.
Gordon, chairman of the Committee on Government Corporations and Public Enterprises, said RA 11199 ushers in an era of competent professional management in the Social Security Commission of the Social Security System.
"One of the key amendments in the new Social Security Law is the inclusion of qualifications and standards in the selection of the members of the Social Security Commission, the policy-making Board of the SSS. Now members will no longer be appointed merely on the basis of palakasan system," he said.
Under the new RA 11199, the new SSS Commission will be composed of the Secretary of Finance as the new ex-officio SSC Chairman, SSS President/CEO as its Vice-Chairman, the Secretary of Labor and Employment as ex-officio member, and 6 other members from the workers' and employer's group. Members of the Social Security Commission shall be of known competence, probity, integrity and recognized expertise in the fields of social security, pension fund, insurance, investment, banking and finance, economics, management, law or actuarial science and with at least ten years of managerial or leadership experience.
"Napakalaki ng responsibilidad ng Social Security Commission. Sila ay may fiduciary responsibility para pangalagaan at palaguin ang pera ng bayan. Nararapat lamang na ang mga taong ilalagay natin sa Social Security Commission ay kwalipakado, may karanasan at eksperto sa larangan ng Social Security," Gordon stressed.