Higher contributions means more benefits SSS President and CEO Emmanuel Dooc claims.
According to Dooc, all active Social Security System (SSS) members will receive more benefits if they start paying higher contributions as per the new Social Security Act.
Dooc said that above the current SSS benefits which includes maternity leave, death, sickness, permanent disability, funeral and retirement, SSS members will now have the chance to avail the unemployment insurance or the involuntary separation benefit according to the new law which was signed by President Rodrigo Duterte just last week.
“Ang ipagkakaloob na halaga ay benefit, hindi ito pautang,” says Dooc.
Under the new law, “a member who is not sixty (60) years of age who has paid at last thirty-six (36) months contributions, twelve (12) months of which should be in the eighteen-month period immediately preceding the involuntary unemployment or separation shall be paid benefits in the form of monthly cash payments equivalent to fifty percent (50%) of the average monthly salary credit for a maximum of two (2) months.”
However, additionally, it provides “an employee who is involuntarily unemployed can only claim unemployment benefits once every three (3) years” and that “in case of two or more compensable contingencies, only the highest benefit shall be paid, subject to the rules and regulations that the Commission may prescribe.”
A “provident fund” will also be established for SSS members which includes employers, employees, OFW, self-employed and voluntary member.
“Yung provident fund ay karagdagang benepisyo na nauukol sa individual na miyembro ng Social Security System,” Dooc said. “Maliban doon sa legislated contribution niya na may karampatang benepisyo, ito ay magbibigay din ng karagdagang benefits sa kanya.”
This increase will help extend the fund life of SSS until the year 2045.
“Kelangan talaga yan upang mapanatili o higit nating mapalakas ang SSS fund. Alam mo naman na ang buhay at kakayahan ng alinmang social security system saan mang jurisdiction sa mundo ay nakasalalay sa katatagan ng pondo nito,” he said.
