The Philippines' Social Security System (SSS) is extending pension coverage to members of cooperatives.
The pension fund will carry out awareness campaigns and help cooperative members to register and remit contributions under a deal with the Cooperative Development Authority (CDA), the SSS says in a statement on October 26.
The agreement was signed by SSS President and Chief Executive Officer Michael Regino and CDA Chairman Joseph Encabo.
The SSS provides social security coverage and manages the retirement savings of private sector employees, the self-employed and overseas Filipino workers.
It had over 40.5 million members at the end of last year, and 710.43 billion pesos (US$12.47 billion) of assets as of end-June 2022.