SSS@67: Kabalikat ng Bagong Pilipinas
SSS MATTERS
Christian Andrew Rillorta – Columnist
For this maiden issue, we would like to express our gratitude to The Filipino News Sentinel for providing us an opportunity on their website to highlight the Social Security System (SSS) programs and information needed by our growing members. We are diversifying our platforms to expand our presence in all available media to reach all our members. SSS Matters may now be seen here regularly to discuss updates and programs of SSS. Through this, we hope that our members and stakeholders will see and appreciate the value of being an SSS member.
The Social Security System is mandated through the Republic Act 11199 also known as Social Security Act of 2018 to provide meaningful protection to members and their beneficiaries against the hazards of old age, disability, death, sickness, maternity, unemployment, and other contingencies resulting in loss of income or financial burden, through a sound and viable tax-exempt social security system suitable to the needs of the people throughout the country for the promotion of social justice.
SSS members enjoy 7 social security benefits – sickness, maternity, disability, retirement, funeral, and death. No other insurance programs in the country offer such a wide array of benefits. We at SSS call it “protection from womb to tomb”.
Apart from these benefits, members may also avail themselves of various loan programs such as salary loans, calamity loans, and pension loans for retirement pensioners.
In our succeeding columns, we will discuss each benefit and loan program as well as the qualifying conditions.
Aside from the regular Social Security programs, members may invest in the retirement savings scheme program called MySSS Pension Booster. It has two schemes – Voluntary and Mandatory. The MySSS Pension Booster is a retirement savings program that offers another layer of social security protection to SSS members on top of what they will get from the Regular SSS program.
For any corresponding benefit and loan amount proceeds, it is important to note that each follows the Monthly Salary Credit or MSC. MSC is the compensation base for contributions and benefits related to the member’s total monthly earnings. This year, the minimum MSC is at P4,000.00 and the maximum MSC is pegged at P30,000.00. For employed and self-employed members, their SSS contribution will be based on the minimum MSC if they receive a monthly salary (employed) or earn (self-employed) below P4,250 a month. Subsequently, their contribution is at maximum if they are earning P29,750 or more per month. The employed members’ contribution will always be a shared contribution from them and their respective employers. For this current contribution rate of 14%, 9.5% will come from the employer and the remaining 4.5% will come from the employee.
Voluntary members, since they do not have employers, will shoulder the whole 14% contribution rate. Depending on their capability to pay, they are to choose from P560.00 minimum to P4,200 maximum monthly contribution. For OFW members, their minimum contribution stands at P1,120 per month.
Employers also pay for the Employee’s Compensation for their employees. That is P10.00 for MSCs below P15,000 and P30.00 for MSCs higher than P15,000. Employees Compensation or EC is an additional benefit due for employed and self-employed members when they are inflicted with sickness, disability, and death during the performance of their duty or work.
This month of September marks the 67th year of SSS. Our theme: SSS@67: Kabalikat ng Bagong Pilipinas is a truly meaningful way to assure our members that since then and moving forward in the future, we are here to provide meaningful social security protection for them.
For any SSS topics you want to hear from me, suggestions, or comments, please e-mail me at rillortac@sss.gov.ph
