Most Filipino’s thinks that the Social Security System is only for retirement fund where members can get a monthly pension when they reached the age of sixty.
Moreover, covered members are entitled to a package of benefits in the event of illness, maternity, injury or disability, old age, and death.
Here’s a list of SSS benefits that we should know.
Sickness Benefit
It is a daily allowance benefit paid if the member is unable to work due to illness or injury. To get sickness benefit you must be unable to work for at least 4 days and meet certain contribution conditions.
A member can be granted sickness benefit for a maximum of 120 days in one calendar year.
Maternity Benefit
Working moms, including self-employed mothers that met at least three monthly contributions within the 12-month period is entitled for SSS maternity benefit. It is a daily cash allowance granted for moms who’s unable to work due to childbirth or miscarriage.
The benefit is equivalent to 100% of the member’s average daily salary credit multiply by 60 days (normal delivery, miscarriage, ectopic pregnancy without operation) and by 78 days (caesarean section delivery and ectopic pregnancy with operation). The benefit covers the first four deliveries or miscarriages only.
Disability Benefit
Disability benefit can be a monthly pension or a lump sum amount paid to SSS member’s who suffers partial or total permanent disability. If the member return to a normal state of health or strength and resumes employment the pension shall be suspended.
Retirement Benefit
The retirement benefit is a cash benefit paid either in monthly pension or as a lump sum to a member who can no longer work due to old age.
There’s two types of retirement benefit – the monthly pension and the lump sum amount. A retiree has the option to receive the first eighteen (18) months pension in a lump sum. Member must have paid at least 120 monthly contributions prior to the semester of retirement and at least 60 years old.
Death Benefit
The death benefit is a cash benefit paid either in monthly pension or lump sum to the beneficiaries of a deceased member. The death benefit goes to the primary beneficiaries of the deceased member.
Funeral
The funeral grant is the amount given to whoever pays the burial expenses of the deceased member or pensioner. Starting August 1, 2015, the amount of the funeral grant was increased to a variable amount ranging from a minimum of P20,000 to a maximum of P40,000, depending on the member’s paid contributions.
Employee’s Compensation Program
The Employees’ Compensation (EC) program assists workers and their dependents in the event of work-connected sickness or injury and its resulting disability or death.
SSS Loan
It is a loan privilege granted by SSS to eligible members to meet their short-term needs.
Leave a Reply