SSS pushes for social security coverage of over 4M 4Ps beneficiaries

He also said that the SSS will study the possibility of reducing the minimum monthly SSS contribution from P570 to a much more affordable amount.

“Our SSS Actuarial Team will check out if it is possible to have a lower monthly contribution specifically for 4Ps beneficiaries. For the poorest families like 4Ps recipients, paying P570 a month might already be a big amount. They might not be able to complete the minimum monthly contributions required to qualify for a lifetime pension,” he said.

However, Macasaet noted that a reduced monthly premium will result in a much lower benefit.

“Currently, SSS members who paid the minimum monthly premium of P570 for 120 months or 10 years will receive a lifetime pension of about P2,200 monthly. 4Ps beneficiaries who will be paying at a reduced monthly premium, let’s say for 120 months, will get a lifetime pension much lower than P2,200 per month,” he explained.

Macasaet said another option is to pay a reduced monthly premium for a longer period than usual to receive a lifetime pension.

“SSS members who paid the minimum of P570 monthly contributions for 120 months shall receive a lifetime pension of P2,200 monthly. For 4Ps beneficiaries, we could lower their monthly premiums, but they must contribute much longer so they get the same amount of benefit. For example, 4Ps beneficiaries have to contribute for 180 months to get the minimum monthly pension of P2,200,” he added.

He said all these options are still at the exploratory stage, adding, “SSS and DSWD will still work on the implementing guidelines for the social security coverage of 4Ps beneficiaries.”

“We will immediately work on the appropriate mechanism for registration, contribution collection, benefit claims, and other essential details needed to implement the program knowing the importance of SSS membership to 4Ps beneficiaries.

SSS contributions will be voluntary

Gatchalian clarified that the 4Ps beneficiaries’ contribution to the SSS will be voluntary because the cash grants cannot be used to pay their SSS contributions since it is intended for health, education, and the rice subsidy.

Gatchalian added that DSWD will integrate the value of SSS membership during the 4Ps Family Development Sessions (FDS), an activity attended by 4Ps parents every month. In these sessions, 4Ps beneficiaries share their knowledge and experience and promote learning on good parenting practices, financial literacy, and disaster risk preparedness, among others. # (PR)