All You Need To Know About SSS

We all know that SSS is not only for those working in the private sector but also those self-employed, OFWs and separated members (voluntary). The monthly contributions are based on the compensation of members (please check SSS for the schedule of contributions table).

Once you become a covered SSS member, you become a member for life. The contributions that you remit become savings for the future that will serve as basis for the granting of social security benefits in times of contingencies. Membership cannot be withdrawn and contributions paid cannot refunded.

What are the benefits and conditions?

A) Sickness

• Qualifying conditions:
• unable to work due to sickness or injury and confined either in a hospital or at home for at least four (4) days
• has paid at least three (3) months of contributions within the 12-month period immediately before the semester of sickness or injury;
• has used up all current company sick leaves with pay; and
• has notified the employer regarding his sickness or injury by filing the sickness benefit application; if he/she is unemployed, voluntary or self-employed member, the sickness notification should be submitted directly to SSS.
• Amount of benefit: daily sickness allowance = 90% of the average daily salary credit
• Important:
• For hospital confinement, the claim for benefit must be filed within one (1) year from the last day of confinement from the hospital. For home confinement, the claim for reimbursement by the employer must be filed within one (1) year from the start of illness. Failure to file the claim within the prescribed period will result to denial of the claim.
• 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.

B) Maternity

• Qualifying conditions:
• has paid at least three monthly contributions within the 12-month period immediately preceding the semester of her childbirth or miscarriage.
• has given the required notification of her pregnancy to SSS through her employer if employed; or submitted the maternity notification directly to the SSS if separated from employment, a voluntary or self-employed member.
• Amount of benefit: daily maternity allowance x 60 days (normal/miscarriage/ectopic pregnancy without operation) or 78 days (CS/ectopic with operation)
• Important:
• The maternity benefit shall be paid only for the first four (4) deliveries or miscarriages.
• According to SSS, maternity benefit can be claimed within 10 years from childbirth with sufficient supporting documents.

C) Retirement

• Qualifying conditions:
• Member is 60 years old, separated from employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement.
• Member is 65 years old, whether employed or not, and has paid at least 120 monthly contributions prior to the semester of retirement.
• Amount of benefit: The monthly pension depends on the member's paid contributions, credited years of service (CYS), and the number of dependent minor children that must not exceed five.
• Benefit payment: The retiree-member has the option to receive the first 18 months' pension paid out in lumpsum, but discounted at a preferential rate of interest to be determined by the SSS. The member shall start receiving his pension on the 19th month, and every month thereafter. This option for advance payment shall be exercised only when filing the first retirement claim. It is only the advanced pension payments that are discounted on the date of payment; the dependent's allowance and 13th month pension are excluded from the advanced 18-month pension amount.
• Important:
• Upon the death of a retiree pensioner, the primary beneficiaries shall be entitled to 100 percent of the monthly pension, and the dependents to the dependents' allowance.
• If the retiree pensioner dies within sixty (60) months from the start of the monthly pension and has no primary beneficiaries, the secondary beneficiaries shall be entitled to a lumpsum benefit equivalent to the total monthly pensions corresponding to the balance of the five-year guaranteed pension period, excluding the dependents' allowance. 
• In case the retiree-member who is less than 65 years old resumes employment or self-employment, the monthly pension shall be suspended and the member shall again be subjected to compulsory coverage. 
• If the retiree-member is 65 years old and older, he can resume employment or self-employment without prejudice to his monthly pension and without need for compulsory coverage.

D) Death

• Qualifying conditions: to qualify for either, the member must have met the following:
• For Pension - the deceased member must have paid at least 36 monthly contributions before the semester of death.
• For Lumpsum Amount -  granted to the primary beneficiaries of a deceased member who had paid less than 36 monthly contributions before the semester of death. Also, in the absence of primary beneficiaries, the secondary beneficaries are granted the death benefit in lumpsum amount.
• Amount of benefit: Please see retirement computation
• Important:
• The primary or secondary beneficiaries of a deceased member, who had no contribution payment at all and who was reported for coverage only shall be entitled to funeral benefit only.
• If the totally disabled pensioner has no primary beneficiaries and dies within sixty (60) months from the start of the monthly pension, the secondary beneficiaries shall be entitled to a lump sum benefit equivalent to the total monthly pensions corresponding to the balance of the five-year guaranteed period excluding the dependent's pension.
• The pension stops when a partial disability pensioner retires or dies.

E) Funeral

• Qualifying conditions:
• For self-employed/ non-working spouse/ OFW members - the deceased SSS member must have paid at least one (1) monthly contribution
• For employed members and those separated from employment - the deceased must been reported for coverage by his/her employer, even if no contribution was paid
• Amount of benefit: A funeral grant of P20,000 is given to whoever pays the burial expenses of the deceased member or pensioner.

F) Disability

• Qualifying conditions: 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.

G) Loans

• Salary loan
• Qualifying conditions:
• One month salary loan - the member-borrower must have thirty six (36) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of application.
• Two-month salary loan - the member-borrower must have seventy two (72) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of application.
• The member-borrower has not been granted final benefit, i.e., total permanent disability, retirement and death
• The member-borrower must be under sixty-five (65) years of age at the time of application
• The member-borrower has not been disqualified due to fraud committed against the SSS.
• Repayment terms:
• The loan shall be payable within two (2) years in 24 monthly installments.
• Business loans (refer to SSS)
• Housing loans (refer to SSS)  

• SSS Website