The Social Security System is a government-mandated insurance program for all income earners in the Philippines. Members are required to contribute monthly, based on their salary, in exchange for the program’s benefits, such as a monthly pension. But we don’t realize that we can get more from the SSS program. Here is a list of them:
- SICKNESS BENEFIT
It is a daily cash allowance paid for the number of days equal to 90% of the average daily salary credit of a member who has paid at least three (3) months’ contributions within the 12-month period before the member is unable to work due to sickness or injury, and is confined for at least four (4) days, either in a hospital or at home, and has also used up all company sick leave with pay.
2. MATERNITY BENEFIT
It is a benefit provided to a female member who is unable to work due to childbirth or miscarriage, among other reasons. Member must have paid at least three (3) months’ contributions within the previous 12-month period in exchange for a daily cash allowance equal to the Average Daily Salary Credit (ADSC) multiplied by 60 days for normal delivery or miscarriage and 78 days for cesarean section.
3. DISABILITY BENEFIT
A cash benefit granted to a member who suffers partial or total disability due to illness or injury from an accident has made at least one monthly contribution before the semester of disability and has filed the claim within ten (10) years of the incident.
A member who has contributed for 36 months will be granted a monthly pension based on contributions paid and years of membership prior to the disability.
A lump sum amount will be paid to a disabled member who paid less than the required 36 monthly contributions prior to disability, as well as those whose approved pension is less than a year.
4. DEATH BENEFIT
The primary beneficiary (dependent spouse until he/she remarries, dependent legitimate, legally adopted, and illegitimate children under 21 years old, not employed, and not married) of a deceased SSS member who paid at least 36 monthly contributions can receive a monthly pension and a lump sum for the primary or secondary beneficiary or designate.
5. FUNERAL BENEFIT
It is a cash benefit granted to the person who paid for the deceased member’s burial expenses, ranging from P20,000.00 to P40,000.00, depending on the member’s paid contribution and monthly salary credit. Even if no contribution was made, a deceased member must have paid at least one (1) monthly contribution, or their employer must have reported for coverage.
6. EMPLOYEES’ COMPENSATION (EC) PROGRAM
The EC Program is intended to help members or their dependents who suffer work-related illness or injury that results in disability or death. However, no compensation will be granted if it is proven that the injury, sickness, disability, or death was caused by the member’s drunkenness, willful intent, or egregious negligence.
7. SALARY LOAN
In simple terms, it is a cash loan granted to a member up to twice the average of their 12 monthly salary credit, which must be repaid within two (2) years in 24 monthly installments with 10 percent interest per annum compounded on the diminishing principal balance, plus a service fee of one percent (one percent) of the loan amount deducted from the loan proceeds.
8. P.E.S.O FUND
The SSS Personal Equity and Savings Option (P.E.S.O) Fund is available only to SSS members who are under the age of 55, have paid contributions in the regular SSS program for at least six (6) consecutive months, and have not filed any final claims under the regular SSS program. In addition to the regular SSS program, the P.E.S.O Fund is a voluntary provident fund. It is recommended for members who can contribute more than P100,000 per year and a minimum of P1,000.00 per contribution. A member may only withdraw from the Medical (25%) and General Purpose (10%) Accounts; no withdrawals are permitted from the Retirement/Total Disability Account. If a withdrawal is made within the 5-year retention period, a penalty and service fees will be charged.