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Website. www .sss .gov .ph. The Social Security System ( SSS; Filipino: Paseguruhan ng Kapanatagang Panlipunan) is a state-run, social insurance program in the Philippines to workers in the private, professional and informal sectors. SSS is established by virtue of Republic Act No. 1161, better known as the Social Security Act of 1954.
The provisions on unemployment benefits were dropped when the legislation was amended in 1957 to prioritize retirement, sickness, disability and death benefits. [4] Under the 2018 legislation, the benefits are dispensed through a one-time payment to equal to 50 percent of the claimant's monthly salary for a maximum of two months.
Social security includes different kinds of benefits (maternity, unemployment, disability, sickness, old age, etc.) [1] A social pension is a stream of payments from the state to an individual that starts when someone retires and continues to be paid until death. [2] This type of pension represents the non-contributory part of the pension ...
The SSA provides this example: If you retire at full retirement age (67) in 2023, your maximum benefit would be $3,627. However, if you retire at 62, your maximum would be $2,572. And if you ...
The Philippines, officially the Republic of the Philippines, is an archipelagic country in Southeast Asia. In the western Pacific Ocean , it consists of 7,641 islands , with a total area of 300,000 square kilometers, [18] which are broadly categorized in three main geographical divisions from north to south: Luzon , Visayas , and Mindanao .
Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
The Labor policy in the Philippines is specified mainly by the country's Labor Code of the Philippines and through other labor laws. They cover 38 million Filipinos who belong to the labor force and to some extent, as well as overseas workers. They aim to address Filipino workers’ legal rights and their limitations with regard to the hiring ...
Social Security benefits will likely play an important part in your retirement income. After all, nearly nine out of 10 people aged 65 and older were receiving benefits as of June 30, 2023.