Surely, not all members are so aware of the full scope of SSS benefits they can avail. If you can remember, there is this short seminar or session before you can get your SSS number and become a lifetime member. Personally, I got the whole idea including sickness benefits, monthly pensions among others but its not that comprehensive.
Perhaps, it is because it is mandatory to become an SSS member if you are working or an employee in a private company. That’s probably the main reason why some might ignored the SSS benefits they can get by being an active member.
So why it is important to know these benefits? It is essential to know these benefits since it could be a great financial aid or support in times of needs. If you got sick and unable to work, but you don’t know about the SSS sickness benefit, chances are, you could have received a cash allowance.
On the other hand, if you are a female member, got pregnant, gave birth but you don’t know about the SSS maternity benefit. You could have received a handsome amount of money that would help meet your needs. There’s much more than this, if you don’t want to miss out the benefits you can avail from SSS, check out each details below.
List of SSS Benefits
1. Sickness Benefit
When you get sick or injured that would make you unable to show up at your workplace and do your daily work, you can apply for a SSS Sickness Benefit. This is a cash allowance given to a member as an alternative monetary source for the number of days of sickness.
The amount you can get is equivalent to the 90% of your average daily salary credit. So when are receiving ₱450 a day, the amount of your sickness benefit would be ₱405 (calculated as ₱450 x 90%) multiplied by the number of days you are confined at home or hospital due to sickness or injury. To know more about the actual computations, here’s a guide on How to Compute SSS Sickness Benefit.
- Confined in hospital or home for at least 4 days due to sickness or injury.
- Used all the company’s allotted sick leave credits.
- Notified the employer about the sickness or the SSS directly.
- Paid at least 3 monthly contributions before the “semester” of sickness.
2. Disability Benefit
We don’t know what future holds, but if in worse case scenario you become disabled, you can apply for a SSS Disability Benefit. It is another cash benefit granted to members who got permanently disabled either partially or totally. It is given either as a monthly pension or a lump sum.
The amount of the disability benefit depends on some factors such as the monthly contributions, years of service among others. However, the lowest SSS Disability Pension is worth ₱1,000 for less than 10 years of credited years of service. While ₱1,200 if 10 years or more and ₱2,400 with at least 20 years of service. Take note, these are just the lowest amount plus ₱500 monthly Supplemental Allowance.
- Has paid at least 1 month contribution before the semester of disability.
- For monthly disability pension, a member must have made at least 36 monthly contributions before the semester of disability. Else, the member shall be granted a lump sum amount.
3. Maternity Benefit
For female SSS members, when you are unable to work due to childbirth or delivery, you can avail the SSS Maternity Benefit. It is a generous cash allowance that would help meet yours and your child’s needs after you gave birth. This is a great contributing amount to your hospital bills or daily needs. It is granted to the first 4 deliveries or miscarriage.
The amount of maternity benefit is equivalent to 100% of your average daily salary credit. This shall then be multiplied by 60 days for normal delivery or 78 days for caesarean section. To learn how to calculate this properly, follow this guide on How to Compute SSS Maternity Benefit.
- Have paid at least 3 monthly contributions within the 12-month period prior to the “semester” of childbirth or miscarriage.
- Notified the employer or SSS directly when the pregnancy is confirmed and the expected date of delivery.
4. Retirement Benefit
Surely, most of us knows about the SSS Retirement Benefit, one of the famous among others. It is a cash benefit from SSS granted to members who are at least 60 years old and has paid at least 120 monthly contributions. It is given as a monthly pension or a lump sum amount.
The amount of monthly pension depends on the monthly contributions and credited years of service. The lowest retirement monthly pension would be ₱1,200 for 120 monthly contributions or at least 10 years or service. While ₱2,400 for 20 credited years of service. Note that these are the lowest amounts. If you want to know more about the exact details of the computation, refer to this guide How to Compute SSS Monthly Pension.
In addition to the monthly pension, the retired SSS member shall receive a 13th Month Pension payable every December.
If the retired member has minor children, they are entitled to receive a cash benefit equivalent to 10% of the monthly pension or ₱250, whichever is higher.
- At least 60 years old and have made at least 120 monthly contributions prior to the semester of retirement.
- If the number of contributions did not reach 120, the member may be granted a lump sum amount. Or, the member can continue to pay the remaining numbers of contributions to reach the 120 monthly contributions threshold.
5. Death Benefit
Especially for married members of SSS who live paycheck by paycheck, you don’t want to leave your wife or small children without any income source when you pass away. This is where the SSS Death Benefit comes in, a cash benefit granted to beneficiaries of a deceased member.
The primary beneficiary (wife or children) of the deceased member is granted a monthly pension he/she has made at least 36 monthly contributions prior to the semester of death. Plus a 13th Month Pension payable every December.
If the deceased member has minor children, they are entitled to receive a cash benefit equivalent to 10% of the monthly pension or ₱250, whichever is higher.
However, if the deceased member has only made less than 36 numbers of contributions, the primary beneficiary is granted lump sum amount. Also, if there are no primary beneficiaries, the secondary beneficiaries shall receive the lump sum amount.
- A deceased member must have indicated his/her beneficiaries (primary and secondary).
- Must have made at least 36 monthly contributions prior to the semester of death to be qualified to receive a monthly pension. Otherwise, a lump sum amount shall be granted to his/her dependent/s.
6. Funeral Benefit
If you are a member of SSS then you have covered up the funeral expenses of another SSS member, then you can be entitled to receive a SSS Funeral Benefit. A generous cash benefit granted to whoever paid for the burial or funeral expenses of the deceased member.
The amount of funeral benefit is from the minimum of ₱20,000 up to ₱40,000 depending on the paid contributions and credited years of service of the deceased member.
Who are qualified to avail the Funeral Benefit?
- An employed member who is covered by his/her employer.
- A self-employed, OFW or non-working spouse who had made at least 1 month contribution.
- A voluntary member who was previously an employed, self-employed or OFW member who had at least 1 month contribution.
7. Employee’s Compensation Program
If you are employed, you are covered by the Employee’s Compensation Program. It is a cash benefit granted for employed members in times of sickness, disability, and even death. It is granted in addition to the other benefits under the Social Security Program.
1. Salary Loan
If you are employed, self-employed and voluntary member, you can actually apply for SSS Salary Loan. It is granted to qualified members who needs short-term credit needs. Sometimes we fall out of budget when there are unforeseen expenses, emergency needs and other unexpected bills. This is common for employed members that’s why SSS provides a short-term SSS Salary Loan.
For one month salary loan, the highest amount would be ₱16,000 since it’s the Monthly Salary Credit cap. For two-month salary loan, the highest loanable amount is ₱32,000. This is payable within 2 years spread in 24 monthly installments. For more details about this, refer to SSS Salary Loan Online Application 2018 (with Screenshots).
- You must have made at least 6 monthly contributions in the past 12 months.
- For 1-month salary loan application, you must have made at least 36 monthly contributions. While, 72 monthly contributions is the requirement for 2-month salary loan.
2. P.E.S.O Fund
If you are contributing the SSS maximum monthly salary credit but are longing to add more into your account, the best option is the enroll at SSS P.E.S.O. Fund. The Personal Equity and Savings Option (PESO) Fund is a voluntary provident fund exclusive for SSS members open for employed, self-employed, voluntary and OFWs.
The minimum contribution to the PESO Fund is ₱1,000 per month while the maximum is ₱100,000 per year. You can receive the benefits from the SSS P.E.S.O Fund upon filing a retirement, total disability or death claim.
What’s best when you save at PESO Fund rather than depositing your money in the bank is that it’s tax-free, the contributions are placed in sovereign guaranteed investments, guaranteed earnings and it has a higher interest rate. Well, this is just a simple comparison. To know more about this, go to SSS P.E.S.O Fund Brochure.
Those were the SSS Benefits you should be aware of in order not to miss any opportunities that you can enjoy being an active member of this state-run insurance corporation. Let us know your thoughts about this in the comment section.