Congress has passed a bill that will give a one-time relief to employers on penalties for late or non-remittance of Social Security Services (SSS) premiums of their employees.
Authored by Quezon Rep. Lorenzo Tañada III, with Deputy speakers Amelita Villarosa and Raul del Mar, the Social Security Condonation Law of 2009 was unanimously approved before congress went on lenten break last week.
Tañada called the measure a 'Triple Stimulus Package' because it provides a strong incentive for companies in arrears on their principal payments for their employees' contribution to immediately settle what is due and overdue, gives troubled companies 'breathing space,' and will allow workers to obtain loans and other SSS benefits that would otherwise be denied due to to companie's non-remittance of contributions.
The bill, as promoted and defended by Camarines Sur Rep. Felix R. Alfelor Jr., is expected to encourage employers to be more prompt in paying their SSS obligations. He further said that thousands of employers that are currently behind in their obligations are expected to take advantage of the opportunity to be freed from penalties.
This measure will help pump-prime the economy because part of the collection will go to the National Treasury. Employers who will be paying their arrears in cash or installment will be qualified upon execution of the proposed act.
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