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What is SSS and why do I need to contribute?
For new members of the Social Security System (SSS), this is one of the basic questions that we hear when they transact with us.
Fresh graduates are naturally curious about everything, especially about the value and importance of their membership with SSS. As part of the employment process, they are asked to get an SS number, which is required by every employer. Now, they can apply for an SS number online, so it is easier, simpler and faster unlike before when it is applied over the counter.
For SSS members, membership is a lifetime commitment, thus we say, once a member, always a member. Even with one contribution, one is entitled to receive such benefit, even his beneficiary. Even those who have stopped paying their contributions for years, they still get something from SSS. However, in most cases, it is more beneficial if members are regularly paying their SSS contributions because it is one’s savings and investment for future contingencies and retirement as well. Not only that, as workers, we have something to look forward to in times when something happens to us. It is our protection and our security.
Indeed, the salary and the employee benefits are everyone’s concern when joining any organization or company. Most workers are also breadwinners who have to support their families with their daily needs, provide quality education for their children and live comfortably. During these challenging times while we are in the middle of a pandemic and money is limited, we would like to make sure that our hard-earned financial resources are spent conscientiously.
I remember three important words that Senator Richard Gordon, one of the authors of Republic Act 11199 or the Social Security Act of 2018, said in one of our hearings before the passage of the SSS Law… “work, save and prosper.”
About 20 to 40 years of our life are dedicated to working and earning. However, we have yet to adopt a culture of financial literacy where we should have our own personal savings, aside from our private or government pension fund and pension plans, so that when we reach our retirement age, we can live comfortably without ne eding any help from anyone, even from our children.
If you look at your pay slip, there’s a portion that says “SSS Contributions.” Consider that as your monthly “savings,” which you and your employer put into your SSS account. Currently, SSS contributions are pegged at 12 percent, where the employer shoulders 8 percent of it and the 4 percent is from their employees. For self-employed, voluntary and overseas Filipino workers, they pay the full 12 percent due to the absence of an employer. These are the same contributions that you can tap in times of contingency brought about by sickness, maternity, disability, unemployment, and death. For employed workers, they have an added protection from the Employee’s Compensation Commission where they can also get paid for work-related contingencies such as sickness, disability and death. Aside from the benefits that SSS offers, members are also entitled to various loan privileges such as Salary, Calamity, Educational Assistance, among others. SSS employer-members are also qualified to avail themselves of our Business and Social Development Loan Facilities, particularly for those who are engaged in tourism, hospital operations,education, etc.
For 63 years, we never failed our members. We continued providing their benefits in times of need. Just like our theme, “Responding to the times through ExpreSSS,” the agency now offers the enhanced SSS online services that aim to provide our members, employers, pensioners, beneficiaries, and the public with simple, faster, and more convenient means of registration, filing of benefits and loans, and other transactions. As a brand, it is a product of our continuous digital transformation efforts over the years to expand the use of digital technologies for the prompt delivery of our services, wherever and whenever they are needed.
At SSS, we are doing everything in our power to be able to keep our mandate to promote social equality and provide meaningful protection to you, our members. This is our promise. This is our purpose. We will always be your kabalikat.
Aurora C. Ignacio is SSS president and chief executive officer.
We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss.gov.ph for topics that you might want us to discuss.
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Charlie Dagoman