Tuesday, October 22, 2013

Benefits of SSS Member


According to Wikipedia, Social Security System or SSS is a social insurance program for workers in the Philippines. Every month a portion of employee's salary is taken up for SSS (it's a mandatory). I admit I know that there's a deduction but I didn't pay attention to what SSS is for.

Because I'm working overseas, I cannot pay continuous payment. I found it not convenient because I need to pay extra remittance fee every month, though there are some remittance center here in Singapore that offers a promo bundles like Metrobank Remittance Center you still need to bring your past remittance receipts in order to have discountable remittance fee. But keep on neglecting SSS and finding ways why I shouldn't pay my monthly contribution is not healthy, actually there's many options that OFW's can do. We can pay SSS contributions quarterly (3 months payment), semi-annual (6 months payment), or annual (1 year) to prevent monthly service charges.

If you're wondering how much should be your monthly cContribution, please take a look at the table below.

SALARY BRACKET RANGE OF COMPENSATION MONTHLY SALARY CREDIT MONTHLY CONTRIBUTION
1 4,750 - 5,249.99 5,000 520
2 5,250 - 5,749.99 5,500 572
3 5,750 - 6,249.99 6,000 624
4 6,750 - 7,249.99 6,500 676
5 7,250 - 7,749.99 7,000 728
6 7,750 - 8,249.99 7,500 780
7 8,250 - 8,749.99 8,000 832
8 8,750 - 8,749.99 8,500 884
9 9,250 - 9,249.99 9,000 936
10 9,750 - 9,749.99 9,500 988
11 10,250 - 10,249.99 10,000 1,040
12 10,750 - 10,749.99 10,500 1,092
13 11,250 - 11,249.99 11,000 1,144
14 11,750 - 11,749.99 11,500 1,196
15 11,750 - 12,249.99 12,000 1,248
16 12,250 - 12,749.99 12,500 1,300
17 12,750 - 13,749.99 13,000 1,352
18 13,250 - 13,749.99 13,500 1,404
19 13,750 - 14,249.99 14,000 1,456
20 14,250 -14,749.99 14,500 1,508
21 14,750 - OVER 15,000 1,560

I thought I can only benefit for SSS when I get old but there's other aspect that we can benefit from. So here's a short summary of the SSS benefits that we should be aware of.

Social Security System Benefits

Retirement 
A member who is 60 years old or 65 years old (mandatory) and has paid atleast 120 months or 10 years can claim the benefit of the SSS retirement.

The retiree who has paid atleast 120 months will receive monthly pension or a lifetime cash benefit  while lump sum amount for a retiree that has not paid the required 120 monthly contributions.

Disability 
A member who suffers partial or total disability with at least one monthly contribution paid to the SSS prior to the semester of contingency is qualified.

The monthly pension is a cash benefit paid to a disabled member who has paid at least 36 monthly contributions while the lump sum amount is given to those who have not paid the required 36 monthly contributions.

Sickness
The sickness benefit is a daily cash allowance paid for the number of days a member is unable to work due to sickness or injury.

A member can be granted sickness benefit for a maximum of 120 days in one calendar year. Any unused portion of the allowable 120 days sickness benefit cannot be carried forward and added to the total number of allowed compensable days for the following year.

The sickness benefit shall not be paid for more than 240 days on account of the same illness. If the sickness or injury still persists after 240 days, his claim will be considered a disability claim.

Maternity
The maternity benefit is a daily cash allowance granted to a female member who was unable to work due to childbirth or miscarriage paid at least three monthly contributions within the 12-month period immediately preceding the semester of her childbirth or miscarriage.

Death and Funeral
Death benefit is cash benefit either in monthly pension or lump sum paid to the beneficiaries of a deceased member.

A funeral grant of P20,000 (effective September 1, 2000) is given to whoever pays the burial expenses of the deceased member or pensioner.

You can have complete information at SSS website.

The monthly contribution is achievable. Let us budget and give time to government program like SSS. We should take advantage of understanding what are the basic benefits whether we are self-employed, non-working spouse, overseas contract worker, etc. at the end of the day it's for our benefit.

Please note that the minimum contribution is only P104 per month while the maximum contribution is P1,560 per month. One good thing if you are employed in the Philippines, employers pay 70.7% and employees pay 33.3% of the monthly contribution.

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