Social Security System (SSS)

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History of the Social Security System (SSS)
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The Social Security System (SSS) is a state-run social insurance program in the Philippines that provides benefits to workers in the private, professional, and informal sectors. Established in 1954, the SSS helps Filipinos prepare for retirement, disability, and other unforeseen circumstances.

History of the Social Security System (SSS)

The idea for the SSS originated in the aftermath of World War II when President Manuel Roxas called for a social security program to aid Filipinos struggling financially. The program’s implementation was delayed due to various objections, but it finally came into effect in 1957 under President Carlos P. Garcia. Over the years, the SSS has been amended several times to expand its coverage and improve its benefits.

Services Offered by the SSS

7 SSS Offers a Variety of Benefits to Its Members

  1. Retirement benefits
    SSS members who reach retirement age and have made sufficient contributions can receive a monthly pension.
  2. Disability benefits
    Members who become permanently disabled can receive financial assistance.
  3. Death benefits
    In the case of a member’s death, their beneficiaries may receive financial aid.
  4. Funeral benefits
    SSS provides financial assistance for funeral expenses.
  5. Maternity leave benefits: Female members can receive financial aid while on maternity leave.
  6. Sickness benefits
    Members can receive financial aid if they become ill.
  7. Involuntary separation/unemployment benefits
    SSS provides assistance to members who lose their jobs due to circumstances beyond their control.

SSS PESO Fund and Flexi Fund

2 Voluntary Savings Programs on Social Security System (SSS)

  • PESO Fund
    This program allows members to save for retirement and other needs. It offers tax-free returns and flexible withdrawal options.
  • Flexi Fund
    This program is a provident fund invested in fixed-income securities. It is open to overseas Filipino workers (OFWs) and offers returns based on SSS’s short-term placements.

Becoming a Member of the SSS

Any Filipino worker, employed or self-employed, can become a member of the SSS upfinance. There is no minimum age requirement, but to be eligible for a monthly pension, members must reach retirement age (currently 60 years old) and have at least 120 monthly contributions.

SSS Branches and Contribution Rates

The SSS has branches throughout the Philippines, and members can also access SSS services online or by phone. Monthly SSS contributions are calculated differently for employers, employees, and self-employed individuals.

The Social Security System (SSS)Wikipedia plays a vital role in social security in the Philippines, providing financial security to millions of Filipino workers.

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