Social Security System (Philippines)

The Social Security System (SSS; Filipino: Paseguruhan ng mga Naglilingkod sa Pribado) is a government-owned social insurance program in the Philippines to workers in the private, professional and informal sectors. SSS is established by virtue of Republic Act No. 1161, better known as the Social Security Act of 1954.^[1]

History

President Manuel Roxas, to give relief to the people who were facing difficulties in the post-war period, called on the legislators to create a social security program in his State of the Nation Address in January 1948 but he died before a bill was passed.^[1]

Services

SSS provides death, funeral, maternity leave, permanent disability, retirement, sickness and involuntary separation/unemployment benefits. The Employees' Compensation (EC) Program which started in 1975 provided double compensation to workers who had illness, accident during work-related activities, or died. EC benefits are granted only to members with employers other than themselves.^[1]

PESO Fund

The SSS PESO (Personal Equity Savings Option) Fund is a voluntary savings program that members can utilize to augment their retirement benefits from the regular membership. Launched in September 2014, it is a provident fund that gives tax-free returns and it can be made available effective upon the retirement of the members or when certain conditions are met, such as permanent disability. The fund gives members the power to choose beneficiaries, and it provides three account options: medical expenses, retirement and disability, and other needs.^[1]

Flexi Fund

Flexi Fund is a voluntary savings program offered by SSS. Launched in 2001, it is a provident fund that is invested in fixed income securities and whose returns are determined by SSS' short-term placements or 91-day Treasury bills. It is open to overseas Filipino workers (OFW) who are not older than 60 years old.^[1]

MySSS Pension Booster

On June 10, 2024, SSS President Rolando Ledesma Macasaet re-branded the 'Worker’s Investment and Savings Program' (WISP) to 'MySSS Pension Booster', which offers a 7.2% annual rate of return to upgrade retirement and savings in line with Social Security Act of 2018 reforms. Formerly, WISP and WISP Plus carried a 5.33% and 6.87% return, respectively. The Booster is composed of both mandatory and voluntary schemes.^[1]

Membership requirements

In order for a member of SSS to claim lifetime monthly pension, he must be at least 60 years old and he must have at least 120 monthly contributions.^[1]

Branches

SSS' offices are located in 291 branches all over the country. There is an option to email or make a call to SSS’ branches. Members can utilize the toll-free number that is open on weekdays and online services for transactions such as securing SSS identification number and applying for loans, sickness and retirement benefits.^[1]