Features of SSS Benefits for Members & Requirements
SSS BENEFITS – Here is a full list of the benefit offers for the qualified members of the Social Security System.
In the Philippines, millions of Filipinos are members of the Social Security Sytem or more popularly called SSS. It is one of the state-run social insurance giants in the country and its members are coming from different walks of life:
- locally-employed individuals
- self-employed individuals
- overseas Filipino workers (OFWs)
- kasambahays or household helpers
- voluntary members
- non-working spouses of SSS members
The SSS membership is mandated among the locally-employed individuals in the private sector and the self-employed individuals. To keep an updated account to the state-run social insurance giant, a member must regularly post contributions.
The SSS contribution rates may vary depending in the nature of the source of income of the member and the amount that he/she earns in a month. In the case of locally-employed individuals and the household helpers, their employers pay for a part of their contribution.
On the other side of regularly posting monthly contributions are savings for the future and benefit offers that members may turn to including loans and benefit offers. The loan offers includes the following:
- SSS Salary Loan for short-term financial needs
- SSS Housing Loan for house repairs and home improvements
- SSS Calamity Loan for assistance in times of state of calamities
Let us talk about the benefit offers of the Social Security System. Members of the state-run social insurance giant who maintain an updated account may qualify to the benefits designed to provide financial solutions or assistance in times of unemployment, sickness, maternity, disability, retirement, and death of a member.
Let us start with the SSS Sickness Benefit offer. Undeniably, feeling unwell or experiencing health conditions are among the inevitable things. In the case of the SSS members, they may take the time to rest and recover and turn to the SSS Sickness Benefit to augment their budget.
Truth be told that countless people are living in poverty and cannot afford to be absent from work for several days. Through the Sickness Benefit offer, the state-run social insurance giant wants to give their members the opportunity to rest without worrying that they’ll receive little salary on the next payday.