The Social Security System (SSS) eyes at least two million new members annually to ensure more Filipinos live comfortably in their old age.
SSS president and chief executive officer Rolando Macasaet said on Thursday that this target will add to the current 42 million members, of which 20 million are actively contributing.
"It is imperative that the Filipino people understand they need to become SSS members. Imagine your eyes failing you, and you're already retired," he said.
Macasaet said the target number of members should reduce the risk of a shrinking fund as the country's population growth might outpace the increase in SSS memberships.
"In Japan, about 60 percent of its population are old people, so fewer people are contributing to the pension fund. We have more young people contributing money for the older people," he explained.
Macasaet shared that the SSS registers 1.2 million members yearly while the Philippine population grows by 1.5 to two million.
SSS data show workers' contributions reached P309.1 million last year.
According to global research firm Statista, half of the Philippine population is still of younger working age at 24 and above, compared to Japan's 48 and above.
To encourage more Filipinos to become SSS members, Macasaet said the state agency is building its mobile office project, which will allow the opening of online accounts for tracking contributions with the help of Starlink, an internet tool by technology leader Elon Musk.
"The office on wheels will have an internet connection and go to barangays. Their operations will likely become full blast in one to two months," Macasaet said.
Delinquent employers
Macasaet said the SSS is also growing the pension fund by suing employers who are not remitting their employees' contributions.
The SSS reported that its intensified Run After Contribution Evaders Campaign reduced uncollected contributions by 39 percent to P56 billion last year from P92 billion in 2022.
The SSS said it found 500,000 delinquent employers during the period.
Macasaet, however, expressed compassion to most delinquent employers as he suggested ways to help them fulfill their duties.
"A lot of the delinquents are small corporations. I want to help them restructure payments, even over five years to pay," he said.
"They don't need to pay half. I'm okay with a 10 percent down payment, but this is still subject to the board's approval," Macasaet added.
