The SSS-GSIS Pensyonado (SGP) Partylist on Friday (August 2) hailed the move by the Social Security System (SSS) and motorcycle taxi provider Angkas to sign a Memorandum of Agreement (MOA) aimed at extending social security protection to active Angkas riders.
“This initiative will immediately cover approximately 30,000 Angkas partner bikers under the SSS program. The SGP Partylist views the MOA as a step in the right direction as this will ensure the security of our Angkas drivers as future SSS pensioners,” SGP Partylist spokesperson Fercival Yutan said.
The SSS-Angkas partnership, branded as “AngkaSSS na sa Protektadong Bukas,” designates Angkas as an authorized partner for SSS coverage and collection. Under this agreement, Angkas will be responsible for collecting and remitting the monthly contributions from its partner bikers.
The MOA was signed by SSS President and Chief Executive Officer (CEO) Rolando Ledesma Macasaet and Angkas CEO George Royeca.
SSS CEO Macaset said that the MOA will enable Angkas drivers to receive a lifetime pension in their old age when they are already retired from their current job.
“If they pass away, these benefits will be transferred to their spouse and minor children,” the SSS President said on the sidelines of the MOA signing at the SSS Central Office in Quezon City last Thursday (August 1).
Under the banner of the “AngkaSSS na sa Protektadong Bukas” partnership, the SSS will provide social security service and old-age pensions to Angkas riders. The MOA is part of the SSS’ drive to provide social security for Filipino workers.
Per the MOA, the SSS authorizes Angkas to act as a Coverage and Collection Partner. On behalf of the SSS, Angkas will collect and remit the corresponding monthly contributions of its active riders.
There are around 50,000 Angkas riders in Metro Manila, Metro Cebu, and Cagayan de Oro City today. The recently signed partnership will provide them with SSS coverage.
Angkas riders will receive the status of self-employed members of the SSS. As SSS members, they’re entitled to a slew of benefits, including sickness, maternity, disability, retirement, funeral, and death benefits.
Additionally, SSS will open the gates to its various loan programs to Angkas riders. The new members may apply for calamity loans, salary loans, and others.
The SSS Employees’ Compensation (EC) program can provide additional coverage for Angkas riders. If a rider gets sick, disabled, or passes away because of their work, they or their family can claim the corresponding compensation.
As of the time of this writing, the SSS contribution rate is 14%. SSS calculates the amount of monthly contribution based on the monthly salary credit (MSC). Self-employed SSS members have MSC ranging from P4,000 to P30,000.
The SSS pegs the minimum monthly contribution at P570. The regular SSS contribution accounts for P560 while the EC gets P10.
In comparison, the highest monthly contribution is P4,320. The regular SSS contribution is P2,800, the EC contribution is P30, and the mandatory MySSS Pension Booster is P1,400.
If Angkas riders wish to further enhance their retirement fund, they can join the voluntary MySSS Pension Booster. The booster program can provide a projected annual return rate of 7.2 percent.
It only takes P500 to start saving in the voluntary MySSS Pension Booster. And since there’s no limit on the maximum amount of investment, Angkas riders can contribute any amount they’re comfortable with as long as they meet the minimum requirement.
SSS allows its members to make partial or full withdrawals of their savings in the program. Members who opt for this can get their total contributions together with the investment earnings.
SSS members can also choose to withdraw their savings during their retirement. They will receive their total contributions and the investment earnings from the MySSS Pension Booster tax-free.
