Benefits Of SSS Philippines
Benefits of SSS Philippines
In Philippines, the social security system (SSS) was formed in order to provide private employees together with their families protection against old age, sickness, disability and death. All employed people under 60 years and who earn more than P1, 000 every month are supposed to contribute a certain percentage to the SSS. These contributions are normally deducted from the employeeâ€™s salaries. On a monthly basis the employer usually withholds the figures from the salaries. The following are benefits of SSS well explained;-
1. Disability aid
Under the SSS in Philippines, benefits can be offered to people at any age but who have a substantial amount of social security credits. They can also have severe mental or physical impairment which will probably prevent them from working for one year or more and those who also have a condition which can result in death over time.
2. Retirement relief
With SSS, the benefits are paid at full retirement age. Also available are reduced benefits which can be availed as early as 62 years for individuals who have sufficient social security credits. Individuals who have delayed retirement beyond the full retirement age usually get special credit for every month which they do not receive any benefits until they attain a certain age.
3. Survivor benefits
Members of your family can be eligible for benefits which are based on your earnings should you die depending on their ages and their health records. Disabled members on your records whether spouse or children will also be able to receive benefits. Further, your parents can also be eligible for the benefits if at all they were fully dependent on you.
However, as important as it is to have some money saved for your use later on, this money cannot be entirely relied on as many people tend to think. Saving some little money elsewhere is also quite important as well.
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Written by : Harri Daniel and updated on July 8, 2011