The Social Security System (SSS) will seize the properties and bank accounts of 7,000 companies that are delinquent in remitting their employees’ SSS contributions in a bid to shore up the state-run pension fund’s revenues.
SSS president and chief executive, Emmanuel F. Dooc, told reporters last week that they would issue warrants of distraint, levy and garnishment, which were provided for under the SSS Charter but had not been implemented since it was enacted two decades ago.
Dooc earlier said that additional mode of collection would be implemented starting April, wherein personal and real properties of delinquent employers would be seized.
Garnishment
According to Dooc, the warrants will also allow garnishment of bank accounts equivalent to the total amount of unpaid contributions, including interest and penalties.
The issuance of such warrants are mandated under Section 22 of Republic Act No. 8282, or the Social Security Act of 1997, according to Dooc.
Running after these 7,000 firms would yield P5 billion in revenues for the SSS, Dooc said.
In February, the SSS announced that it could go after as many as 60,000 delinquent employers nationwide.
Dooc said that the SSS was already training 50 legal enforcement officers.