In a move to ease the financial burden of its members, the Social Security System has announced a significant reduction in service fees charged by SSS-accredited collecting banks, remittance and transfer companies.
SSS resident and CEO Rolando Ledesma Macasaet said the pass-on service fees charged by SSS collecting partners will now be capped at P8 per transaction for online payment channels and P10 per transaction for over-the-counter payment.
The new guidelines cover monthly contribution payments of self-employed and voluntary members, overseas Filipino workers (OFWs), farmers and fishermen, and non-working spouses. Employed SSS members contributing to the Worker’s Investment and Savings Program (WISP) Plus will also benefit from the reduced service fees.
“We talked and negotiated with our collecting partner banks as well as with remittance and transfer companies to help ease the burden of ordinary SSS members by reducing the pass-on service fee whenever members pay their regular social security and WISP Plus contributions over-the-counter or through online payment channels,” said Macasaet.
Prior to the new guidelines, banks charged as much as P25 for the SSS transactions while remittance and transfer companies charged fees of up to P15 per transaction for those paying their contribution. The lowered pass-on service fees took effect on May 1, 2023
