All You Need to Know About Your SSS Benefits
The Social Security System provides social insurance, retirement benefits and healthcare for workers in the Philippines. It is mandated by the government for all employees in the Philippines.
The Social Security System is a social insurance program for all working Filipino citizens. More than just a pension fund for retirees, it also provides loans and financial assistance. The SSS was formed in order to provide or assist private employees, together with their families, protection against old age, s!ckness, d!sability, and death.
So what are the benefits we can actually get from the SSS? Let's break it down for you:
The sickness benefit is a daily cash allowance paid for the number of days a member is unable to work due to sickness or injury.
Qualifications for the s!ckness benefit:
A member is qualified to avail of this benefit if:
1. Unable to work due to s!ckness or injury and confined either in a hospital or at home for at least 4 days.
2. At least three months of contributions within the 12 month period immidedialty before the semester of sickness has been paid
3. He/She has used up all current company sick leaves with pay
4. He/she has notified the employer regarding his sickness or injury within 5 days after the start of sickness by filing the s!ckness benefit application. If he/she is an unemployed, voluntary or self-employed member, the s!ckness notification should be submitted directly to SSS.
A member can be granted s!ckness benefit for a maximum 120 days in one calendar year.
The maternity benefits is a daily cash allowance granted to a female member who was unable to work due to childbirth or miscarriage.
Qualifications for the Maternity Benefit:
1. If She has paid at least 3 monthly contributions within the 12 month period immediately preceding the semester of her childbirth or miscarriage.
2. She has given the required notification of her pregnancy through her employer if employed or submits it to the SS if separated, voluntary or self-employed member.
The maternity benefit shall be paid only for the first (4) deliveries or miscarriage. It is necessary to notify the SSS as soon as a member becomes pregnant and the probable date of her childbirth with at least 60 days from the date of conception.
The re-designed disability program aims to ensure that the right cash benefit for disability is paid to truly deserving members. It is a cash benefit granted either as a monthly pension or lump-sum amount to a member who becomes permanently disabled, either partially or totally.
Qualifications for Disability benefit:
A member who suffers partial or total disability with at least one monthly contribution paid to the SSS prior to the semester of contingency is qualified.
Only totally and permanently disabled members will receive a lifetime monthly pension. A disability pensioner can also receive a supplemental allowance of P500.00 is paid to the total or partial disability pensioner.
It is a cash benefit either in monthly pension or lump sum paid to a member who can no longer work due to old age.
Qualifications for Retirement Benefit:
1. A member who is 60 years old, separated from employment or ceased to be self-employed and has paid at least 120 monthly contributions prior to the semester of retirement.
2. A member who is 65 years old whether employed or not and has paid at least 120 monthly contributions prior to the semester of retirement.
Aside from the retirement benefit, the retiree is entitled to a 13-month pension payable every December.
It is a cash benefit either in monthly pension or lump sum paid to the beneficiaries of a deceased member. The deceased member is also entitled to a 13-month pension payable every December.
The beneficiaries of a deceased member are the legitimate dependent spouse until the person remarries and the dependent legitimate, legitimated or legally adopted and illegitimate children of the member who are not yet 21 years old. In the absence of primary beneficiaries, the dependent parents shall be the secondary beneficiaries.
It is a cash benefit of P 20,000 to P 40,000 and will be given to whoever pays the burial expenses of the deceased member or pensioner.
Conditions of Funeral Benefit:
For self-employed/non-working spouse/OFW members - the deceased SSS member must have paid at least one monthly contribution for his/her beneficiaries to be entitled to the funeral benefit.
For employed members and those separated from employment - the deceased must be reported for coverage by his/her employer, even if no contribution was paid, for hi/her beneficiaries to be entitled to the funeral benefit.
A cash loan granted to an employed, currently paying, self-employed member. This is intended to meet the member's short-term financial needs.
Qualifications for the Salary Loan:
1. A member must have at least six posted monthly contributions in the last 12 months prior to the month of filing of loan application.
2. the member-borrower must not be more than sixty years of age at the time of application.
3. If the member-borrowers employed, the employer must be updated in contributions and loan remittances.
It is best to know how and when we can use these benefits to our advantage.