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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.
The Government Service Insurance System ( Filipino: Paseguruhan ng mga Naglilingkod sa Pamahalaan, abbreviated as GSIS) is a government-owned and controlled corporation (GOCC) of the Philippines. Created by Commonwealth Act No. 186 and Republic Act No. 8291 (GSIS Act of 1997), GSIS is a social insurance institution that provides a defined ...
KiwiSaver – Private voluntary retirement contribution system. Poland – Social Insurance Institution. Singapore – Central Provident Fund. South Korea – National Pension Service. Sweden – Social security in Sweden. Switzerland – Pension system in Switzerland. United Kingdom: Pensions in the United Kingdom.
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 ...
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income . Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors ...
Pension system in Switzerland. The Swiss pension system rests on three pillars: the state-run pension scheme for the aged, orphans, and surviving spouses (old-age and survivor's insurance); the pension funds run by investment foundations, which are tied to employers (occupational benefit plans); voluntary, private investments.
SSS also have two voluntary saving programs, PESO Fund and Flexi Fund to help prepare their members with a stable income for retirement. Government servants are protected under the Government Service Insurance System or GSIS. Just like SSS, GSIS also provide their members with retirement benefits, life insurance and employee compensation.