Social Security System All About.
Social Security System is an insurance program mandated and governed by the Philippine government for protection to all workers and income earners in the country.
It is a social protection or an insurance of a member as well as their families which provides the member & beneficiaries an income replacement in difficult times of life. All the members in the fund are required to pay their monthly contributions which will depend on the salary bracket their monthly salary fall. SSS contribution is shared by both the employer and the employee.
The monthly contribution to the fund will be deducted in the employee’s salary by its employer. The employer then remit to the SSS office the said monthly contribution which will composed of the employer share and employee.
As a member of the fund you will be granted assorted benefits to enjoy as long as you have paid your monthly contribution. Such benefits are sickness, maternity, disability, unemployment, retirement, death and funeral and loan.
Benefits of SSS
- Sickness Benefit – is a daily cash allowance given equivalent to the number of days a member is unable to work due to sickness or injury.
- Maternity Benefit– is a daily allowance given to female member who is unable to work due to childbirth or miscarriage.
- Disability Benefit – a cash benefit given to the member who becomes partially or totally disabled. This may be given by lump sum or monthly pension.
- Retirement Benefit – a cash benefit given to the member who are at least 60 to 64 years old and separated from employment. This may be given either by lump sum or monthly pension.
- Death benefit – a cash benefit given to the beneficiaries of the deceased member. This may be given either by lump sum or monthly pension.
- Funeral – a cash benefit given to the one who shoulder/paid the burial expenses of a deceased member.
- Unemployment benefit – a cash assistance given to the workers who lost their job due to retrenchment, redundancy or company closure.
- Employee’s Compensation Program –
Other Benefits
- Salary Loan– a cash loan granted to the member once his membership is already 2 years.
- Calamity Loan – a cash assistance given to member once there is a calamity occurrence and member has been in the fund for two years.
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