Last Updated on April 13, 2017 by Marie Bautista
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The Social Security System of the Philippines is a social insurance program established in 1957 for workers in the Philippines, providing retirement and health benefits to all enrolled members.
SUMMARY OF SSS BENEFITS
SICKNESS – a daily cash allowance paid for the number of days a
member is unable to work due to sickness or injury
member is unable to work due to sickness or injury
MATERNITY – a daily cash allowance granted to a female member
who is unable to work due to childbirth or miscarriage
who is unable to work due to childbirth or miscarriage
DISABILITY – a cash benefit granted either as a monthly pension
or a lumpsum amount to a member who becomes permanently disabled, either partially
or totally.
RETIREMENT – a cash benefit granted either as a monthly pension
or a lumpsum amount to a member who can no longer work due to old age
or a lumpsum amount to a member who can no longer work due to old age
DEATH – a cash benefit granted either as a monthly pension or a
lumpsum amount to the beneficiaries of a deceased member.
lumpsum amount to the beneficiaries of a deceased member.
FUNERAL GRANT – a funeral grant is given to whoever paid for the
burial expenses of the deceased member.
burial expenses of the deceased member.
WHAT ARE THE LOAN PROGRAMS THAT YOU CAN AVAIL?
You can avail of the following loans, provided you meet the
conditions for entitlement:
conditions for entitlement:
SALARY LOAN – a loan granted to an employee, currently paying
self-employed or voluntary member to meet the member’s short-term credit needs
self-employed or voluntary member to meet the member’s short-term credit needs
EDUCATIONAL ASSISTANCE LOAN PROGRAM – a financial assistance to
enable SSS members and their dependents to defray enrollment costs for college,
vocational and technical courses.
enable SSS members and their dependents to defray enrollment costs for college,
vocational and technical courses.
HOUSING LOAN – a lending program established to provide funds through
SSS-accredited participating financial institutions.
SSS-accredited participating financial institutions.
SOCIAL DEVELOPMENT LOAN FACILITY – a lending program for the
development of facilities and establishment of institutions that provide
quality education or other academic training programs and affordable medical or
health care related services to the general population and to SSS members and
their dependents.
development of facilities and establishment of institutions that provide
quality education or other academic training programs and affordable medical or
health care related services to the general population and to SSS members and
their dependents.
BUSINESS DEVELOPMENT LOAN FACILITY – a lending program for
business enterprises and industries for the purpose of increasing productivity
and enhancing potential earnings through expansion, diversification and other
business development projects
business enterprises and industries for the purpose of increasing productivity
and enhancing potential earnings through expansion, diversification and other
business development projects
ASENSO (Access of Small Enterprises to Sound Lending
Opportunities) – a lending program that aims to assist and empower the micro,
small and medium enterprises in the country.
Opportunities) – a lending program that aims to assist and empower the micro,
small and medium enterprises in the country.
Speaking of SSS, I need to work out my contribution because I transferred to govt and failed to update my SSS contribution. I am thinking if this will really benefit me after few years.