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IMPORTANCE OF BEING AN SSS MEMBER

IMPORTANCE OF BEING AN SSS MEMBER. Part I. Understanding Your SSS Program. Who Are Covered?. All private-sector workers Not over 60 yrs. old With at least P 1,000 monthly income. Compulsory Employed Self-employed (SE) Voluntary Separated employees Non-working spouses OFWs.

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IMPORTANCE OF BEING AN SSS MEMBER

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  1. IMPORTANCE OF BEING AN SSS MEMBER

  2. Part I Understanding Your SSS Program

  3. Who Are Covered? • All private-sector workers • Not over 60 yrs. old • With at least P1,000 monthly income • Compulsory • Employed • Self-employed (SE) • Voluntary • Separated employees • Non-working spouses • OFWs

  4. How Are Contributions Computed? • Min:P1,000 • Max:P15,000 • Min:P104 • Max:P1,560 • Currently at 10.4% • of which: • Employer 7.07% • Employee 3.33% • SE/VM/OFW 10.4%

  5. What Are The Benefits Provided? • Long-term • Retirement • Disability • Death (with Funeral Grant) • Short-term • Sickness • Maternity Contributions finance all these benefits

  6. How Does Your SSS Fund Work? MEMBERS & DEPENDENTS EMPLOYERS RESERVE FUND Benefits Contributions Operating Expenses Contributions Income Investments WORKERS SERVICES INVESTMENT RESERVE FUND

  7. What Is The Status of Your SSS Fund?(From 1957 to Nov 2011) REVENUES EXPENDITURES Contributions P831-billion Benefits P830-billion Inv. IncomeP384-billion Operating exp.P89-billion ASSETS:P320-billion Total Revenues P1,215-billion Total Expenditures P919-billion NET REVENUES:P296-billion

  8. What Is The Life of Your SSS Fund? Ultimate goal: Gradually back to perpetuity Required Contribution Rate: 14% (per 2007 valuation) In 2007: Funds to last until 2039 In 2003 : Funds to last until 2031 In 1999: Funds to last until 2015 In 1980: Funds to last in perpetuity

  9. Part II Value of Your SSS Membership

  10. Value of Your SSS Membership TYPICAL WORKER-MEMBER: WITH 20 SERVICE YEARS Reaches compulsory retirement Becomes SSS member Up to 25x in return

  11. Value of Your SSS Membership Worker dies; with 1 qualifying contribution Up to 308x in return

  12. Value of Your SSS Membership Worker gets sick for 120 days; with 3 qualifying contributions Up to 6x in return

  13. Value of Your SSS Membership Female worker gives birth; with 3 qualifying contributions Up to 4x in return

  14. Value of Your SSS Membership Worker is partially disabled for 2 years; with 36 qualifying contributions Up to 10x in return

  15. Value of Your SSS Membership Worker is totally disabled; with 36 qualifying contributions Up to 26x in return

  16. Value of Your SSS Membership Worker dies & leaves primary beneficiaries; with 36 qualifying contributions Up to 23x in return

  17. Value of Your SSS Membership SURVIVORS’ PENSION (plus P20,000 Funeral Grant) Pensioner dies Primary beneficiaries continue to receive 100% of monthly pension for life

  18. Value of Your SSS Membership(Actual Member Cases) /a Based on 240 monthly contributions (20 years) paid in 1980-1994 & 2005-2009 (w/ 10-year gap in 1995-2004) /b Retired at 65 y.o. in 2010; Based on pension period of 10 yrs., with funeral grant of P20,000

  19. Value of Your SSS Membership(Actual Member Cases) /a Based on 240 monthly contributions (20 years) paid in 1980-1994 & 2005-2009 (w/ 10-year gap in 1995-2004) /b Retired at 65 y.o. in 2010; Based on pension period of 20 yrs., with funeral grant of P20,000

  20. Value of Your SSS Membership(Comparison vs. Private Insurance - Standard)  Sickness Allowance   Maternity Allowance  Disability Benefits   Retirement Benefits   Death Benefits     Funeral Grant  Continuing / No Lapsation   Government Guarantee 

  21. Concluding Remarks

  22. Your Role as SSS Members Understand the SSS Program & the value of your membership Check & update your SSS records& pay your loans on time Be vigilant & ensure remittance of your SSS contributions & loan payments

  23. Our Role as Stakeholders WE ARE ALL RESPONSIBLE FOR THE SSS. Ang SSS: KabalikatNatin

  24. Thank You!

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