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Questions and Answers
What is the role of the SSS President and Chief Executive Officer in the Social Security Commission?
What is the role of the SSS President and Chief Executive Officer in the Social Security Commission?
How many appointive members of the Social Security Commission shall represent the workers' group?
How many appointive members of the Social Security Commission shall represent the workers' group?
What is the term of office of the regular appointive members of the Commission?
What is the term of office of the regular appointive members of the Commission?
What is the requirement for the nominees of the workers' and employers' organizations?
What is the requirement for the nominees of the workers' and employers' organizations?
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What happens when a vacancy occurs in the Commission prior to the expiration of the term?
What happens when a vacancy occurs in the Commission prior to the expiration of the term?
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What is the title of the Act that establishes a sound and viable social security system in the Philippines?
What is the title of the Act that establishes a sound and viable social security system in the Philippines?
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What is the goal of the State in establishing a social security system?
What is the goal of the State in establishing a social security system?
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What is the emphasis of the social security program?
What is the emphasis of the social security program?
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What is the purpose of the Social Security Commission?
What is the purpose of the Social Security Commission?
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Where is the principal place of business of the Social Security System?
Where is the principal place of business of the Social Security System?
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Study Notes
Republic Act No. 11199
- The Act is also known as the "Social Security Act of 2018"
- It aims to establish, develop, promote, and perfect a sound and viable social security system in the Philippines
Declaration of Policy
- The State's policy is to ensure social justice through savings and provide meaningful social security protection to members and their beneficiaries
- The policy aims to protect Filipino workers, local or overseas, and their beneficiaries against the hazards of disability, sickness, maternity, old age, death, and other contingencies resulting in loss of income or financial burden
Social Security System
- The Social Security System (SSS) is a corporate body with principal place of business in Metro Manila, Philippines
- The SSS shall function and operate as an independent and accountable government-owned and -controlled corporation (GOCC) within the corporate governance standards and principles of Republic Act No. 10149 (GCG Law)
- The SSS is directed and controlled by a Social Security Commission, composed of the Secretary of Finance as ex officio Chairperson, the SSS President and Chief Executive Officer as Vice-Chairperson, the Secretary of Labor and Employment, and six appointive members
Social Security Commission
- The Commission has six appointive members, three representing the workers' group and three representing the employers' group
- The members are appointed by the President of the Philippines and shall have known competence, probity, integrity, and recognized expertise in social security, pension fund, insurance, investment, banking, and finance, economics, management, law, or actuarial science
- The members shall have at least ten years of managerial or leadership experience
- The term of office of the regular appointive members is three years, which can be extended for another term of three years
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Description
This quiz is about the Republic Act No. 11199, an act that rationalizes and expands the powers and duties of the Social Security Commission to ensure the long-term viability of the Social Security System.
