The Arangkada Philippines Forum is brought to you by the Joint Foreign Chambers of the Philippines, which is composed of the following member groups:
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THE PHILIPPINE SOCIAL SECURITY SYSTEM (SSS)
The SSS was established on September 1, 1957 with a mandate to provide a social safety net to workers in the private sector and their beneficiaries against sickness, maternity, death, disability, old age, and other uncertainties that result in loss of income or financial burden. It accomplishes this through two major programs: the Social Security program, and Employees’ Compensation program, which pays for work-related injuries and deaths.
Membership in the SSS is compulsory for private sector workers, household helpers, and self-employed persons; while membership is voluntary for overseas Filipino workers (OFWs), non-working spouses, former private sector workers, and informal sector workers who earn at least P1,000 a month.
The SSS re-distributes income through cross-subsidies where the young pay for the old; the healthy for the sick and disabled; and the higher income for the lower income group. Moreover, the SSS serves as a catalyst for national growth and development through its business loan programs as well as investments in government and private securities.
The current monthly contribution rate is 11 percent, of which 3.63 percent is the Employee share and 7.37 percent is Employer share. Self-employed, OFWs and Voluntary Members shoulder the entire 11 percent contribution rate, which is applied on the first P1,000 and up to a maximum of P16,000 of a worker’s monthly salary.
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