Social Security System or SSS is an insurance system which shall provide meaningful protection to members and beneficiaries against hazards of sickness, maternity, disability, old age, death, and other contingencies resulting in loss of income or financial burden.
All employees and workers in private sectors are covered in this program. Every SSS members should pay monthly contribution depending on which salary bracket they are in. On the other hand, government employees are covered by so called GSIS or Government Service Insurance System.
SSS is typically known for its pension as one of its benefits. In this article, you will get to know not just one, not just two, but 8 benefits you can get from paying your monthly premium SSS. Without further ado, here are 8 things you can get from your monthly SSS contribution.
1. SSS Benefit for Sickness
If you got injured or sick for couple of days, you can apply for daily cash allowance for the number of days you are not able to work.
To become eligible for SSS sickness benefit, here are the following conditions:
- You need to be confined at home or in hospital for at least 4 days.
- At least 3 months contribution (within the 12 month period) before the sickness or injury.
- Already used all company sick leaves.
The amount of the allowance you will get from sickness benefit is equivalent to 90% of your average daily salary credit. Sickness benefit is granted up to maximum of 120 days in one calendar year.
2. Maternity Benefit
If you just gave birth (hooray!) but you still can’t get to work, you can apply for SSS maternity benefit where you’ll be able to get daily cash allowance. This also applies for those who just had miscarriage.
Here are the qualifying conditions for getting maternity benefit:
- Paid at least 3 months contribution (within the 12 month period) before the childbirth or miscarriage.
- Gave notice of pregnancy to employer (if employed) or directly through SSS (if self-employed or separated from employment).
Qualified applicants will get 100% of their average daily salary credit, multiplied by 60 for normal delivery or miscarriage, or 78 days for cesarean section. Maternity benefit is granted only up to 4 deliveries/miscarriages.
3. Social Security Salary Loan
If you have short-term credit needs, you can apply for SSS Salary loan. Whether you are employed, self-employed, or voluntary member, you can apply with the following conditions below.
Conditions to become eligible for SSS Salary loan:
- Has 6 monthly contribution for the last 12 months prior to the application
- For one month worth of loan, member must have 36 posted monthly contributions.
- For two months worth of loan, member must have 72 posted monthly contributions.
- If employed, the employer should be updated with the contribution and loan remittances.
- The member must be updated in payment with other SSS loans.
Amount and terms of loan:
One month salary loan is equivalent to your last 12 months salary credits with an interest rate of 10% per year. The loan shall be be payable within 2 years in 24 monthly installments and can be renewed once the 50% of the principal is paid and half of the term has lapsed.
4. Disability Benefit
If you’re an SSS member who just got disabled partially or totally, you can apply for SSS Disability Benefit. This can be either a lump sum or in monthly pension form.
To become eligible with this benefit:
- Paid at least 1 month before the semester of disability.
- To get a monthly disability pension, you need to at least accomplished 36 months of contribution before the semester of disability.
- For members with less than 36 months of contribution, they will be granted with a lump sum amount
The beneficiary will get a monthly pension that ranges from P1000.00 to P2400.00 depending on your years of service. You can also get an additional of P500 monthly if you got qualified for supplemental allowance.
5. SSS Death Benefit
A lump sum or monthly pension will be granted for the beneficiaries of a deceased member.
Qualifying conditions for death benefits:
- Spouse and dependent children of a deceased member will be able to get monthly pension if the member has accomplished at least 36 months of contribution prior to the semester of death.
- For deceased members with less than 36 monthly contributions, a lump sum amount is granted to the primary beneficiary.
- Deceased member’s secondary beneficiary such as dependent parents shall be given a lump sum amount if there are no spouse and dependent children.
If qualified, monthly death pension starts from P1000.00 to P2400.00 depending on the member’s years of service. Member’s beneficiary will also be granted with 13th Month Pension every December.
If the deceased member has dependent minor children, they will be given 10% of the monthly pension or P250, or whichever is higher. Only five minor children are covered starting from the youngest child.
6. Retirement Benefit
Members who can no longer work because of old age can be granted with either monthly pension or lump sum.
Conditions to get retirement benefit:
- The member should be at least 60 years old, separated from employment, and has paid 120 months of contributions prior to retirement.
- For members with at least 120 months of contribution, they are qualified for monthly pension.
- For members with less than 120 months of contribution, they will be given option to complete the 120 months and become eligible for monthly pension OR they will be granted with a lump sum amount.
Qualified members will be granted with monthly retirement pension starting from P1,200 to P2,400 depending on years of service. Five (5) dependent minor children will be given Dependent’s Pension which is 10% of member’s monthly pension or P250, whichever is higher.
7. Funeral Benefit
Whoever paid for the burial expenses of a deceased member will be given with cash benefits from SSS.
Qualifying conditions for SSS Funeral Benefits:
- Whether you’re an employed, self-employed, or OFW member, you just need at least one contribution.
- Member was reported for coverage by his employer.
Depending on member’s contribution and years of service, the funeral benefit will vary starting from minimum of P20,000.00 to maximum of P40,000.00.
8. Employees’ Compensation Employment Program
Employees Compensation or EC Program is a cash benefit for temporary sickness, injury, disability, permanent partial or total disability, and death. This benefit includes medical services, supplies, and rehabilitation services. It can also be used alongside your benefit for sickness.
Conditions: If the incident is due to negligence, and self-harm, or intoxication, the member is not qualified for the EC Program.
1. Ensure that your SSS membership has complete, updated, and correct personal information. This is to avoid hassles while processing your benefit claims. Here are the particular information you need to look at:
- Birth Date
- Membership Status and Membership Classification
- Sex and Civil Status
- Contact Information
- Bank Information
2. You can ask for Member Data Change Request Form (SSS Form E-4) and submit to the nearest SSS branch. Don’t forget to bring the requirements listed at the back of the form.
3. Whenever presenting photocopies of your documents such as IDs and Certificates, make sure to bring the Original or Certified True Copy for verification purposes.
4. IDs or Documents issued by foreign governments are are acceptable.
So that’s it! There are a lot of benefits you can get from paying your monthly contribution in SSS and there’s no reason for you to stop. Take advantage of these things whenever you are in need!
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