by Info @Brand Zone | April 29, 2023
To commemorate Labor Day, the Social Security System (SSS) will push for the social security protection of Filipino workers nationwide by calling on business establishments to religiously remit their workers’ contributions.
SSS Executive Vice President for Branch Operations Sector Voltaire P. Agas announced that SSS will issue violation notices to delinquent employers across the country in a synchronous Run After Contribution Evaders (RACE) operation to remind them of the legal consequences of not remitting their employees’ contributions.
Agas added that this event is dubbed as “Alay ng SSS para sa mga Manggagawa – Serbisyong Mapagkakatiwalaan at Proteksyong Maaasahan.” The nationwide campaign will be done today, April 30.
“We want to assure our members that SSS will take action and penalize employers who fail to register their employees or have not deducted and remitted their contributions,” Agas said.
Agas affirmed SSS’ commitment to ensuring that all Filipinos in the labor force have access to social security benefits in emergencies.
Agas said SSS President and Chief Executive Office (PCEO) have always prioritized the welfare of the Filipino workers by ensuring that they are able to avail of the various social security protection benefits provided by the state pension fund.
One of these measures, Agas said, is to see to it that employers are up-to-date in remitting premium contributions collected from workers.
“We have implemented new programs to reach out to our kababayans in the informal economy, especially in the rural areas and those belonging to the grassroots by encouraging them to enroll in the SSS so we all Filipinos will get social security coverage,” Agas noted.
Benefits for workers
Agas said that SSS members would be entitled to social security benefits such as sickness, maternity, disability, unemployment, retirement, funeral, and death benefits.
“Retirement benefit is a cash benefit granted by SSS to a member who can no longer work due to old age. Members who pay at least 120 monthly contributions prior to the semester of retirement will get a lifetime monthly pension, while those with less than 120 monthly contributions will receive a one-time lump sum amount,” Agas explained.
Meanwhile, Agas said SSS grants death benefits to the beneficiaries of a deceased member, which is in the form of a monthly pension for those with 36 monthly contributions prior to the semester of death and a one-time lump sum amount with less than 36 monthly contributions.
Agas said that female SSS members who have paid at least three-monthly contributions in the last 12 months before the semester of childbirth, miscarriage, or emergency termination of pregnancy can avail of the maternity benefit.
He noted that members with at least one month contribution who become disabled partially or totally can receive a disability benefit. Members may receive a monthly pension if with at least 36 monthly contributions prior to the semester of contingency or lump sum amount if with less than 36 monthly contributions.
“We also grant funeral benefits to whoever paid the funeral expenses of the deceased member. Claimants of deceased members with 36 or more monthly contributions may receive a variable amount from P20,000 to P60,000, depending on the number and amount of contributions paid by the member. The funeral benefit arising from the death of a member who paid less than 36 monthly contributions is fixed at P12,000,” he continued.
Agas said that sickness benefit is a daily cash allowance paid for the number of days a member cannot work due to sickness or injury. The member must have paid at least 3 monthly contributions within the 12-month period prior to the semester of contingency.
Agas also said that unemployment benefit is given to covered employees, including kasambahays, and Overseas Filipino Workers (OFWs) who were involuntarily separated from employment due to redundancy, retrenchment or downsizing, closure or cessation of operation or other causes without their fault or negligence.
Members must have also paid at least 36 monthly contributions, wherein 12 months of which should have been paid within the 18-month-period before the month of involuntary separation, he added.
Additional retirement saving schemes
Agas said that SSS finds ways within the boundaries of the Social Security Law to create programs that will help SSS members save more for their retirement.
He said that one of these two retirement savings schemes is the Workers’ Investment and Savings Program (WISP), which is a compulsory provident fund scheme for SSS members with no final claim and contributing to the regular SSS program with a Monthly Salary Credit (MSC) that exceeds P20,000.
“Under the program, each contributing member will have an account wherein SSS will place their contributions and investment earnings. Members pay their WISP contributions together with their regular SSS contributions,” he explained.
Agas said that the SSS also offers a Voluntary Provident Fund Program, also known as the WISP Plus, to SSS members to increase their retirement pension in addition to the benefits they receive under the regular social security program.
“Members can contribute as little as P500 per payment under the WISP Plus whenever they want. The members’ pooled contributions under WISP Plus will generate investment earnings, which will be credited to their accounts tax-free,” he added.
Agas concluded that WISP and WISP Plus aim to supplement a member’s savings in addition to the retirement he/she can get from the regular social security program.
