By Carlito C. Dar (pia.gov.ph)
The Social Security System is currently making big steps to improve social security and retirement benefits for its members and in improving the financial viability of the institution while enjoining members to regularly pay their contributions as investment for their future.
SSS Assistant Vice President for Media Affairs Ma. Luisa Sebastian said SSS is an investment and the best savings option for any working Filipino since it is very affordable and provides “sulit” benefits in times of sickness, maternity, disability, death, and old age.
Another good thing in investing with SSS is that once a person becomes an SSS member, he or she remains to be a member and can continue his payment anytime.
SSS coverage includes all private sector workers, employed government employees and self – employed, and separated (former SSS members), non – working spouses of government and private institution workers, and overseas Filipino workers.
Sebastian affirmed the financial stability of SSS with around P500 billion in assets. She reported an increasing membership collection in 2017 of P159-billion showing a P10.6 percent increase compared to the P144 B collected in 2016.
SSS computation for members’ monthly contribution currently stands at 11% of a worker’s basic pay, with the minimum and maximum salary cap of P1,000 and P16,000, respectively, thus each member contribution is only from P110 to P1,760 and for those in the employed sector, their employer will even share part of such monthly contribution.
She encouraged members to pay their contributions regularly and for inactive members to re –instate their membership for future financial risk security.
Sebastian informed that SSS is currently undertaking a nationwide Sulit information campaign with the slogan “Kontribusyon: Sulit na Sulit” primarily to inform current and future members of their basic rights and privileges under the integrated social security program of the government. It aims to help raise awareness how much is the value in terms of the benefit for every peso of the members’ monthly contribution making it ‘sulit na sulit.”
The regional Sulit conference was launched in Baguio City last month with a forum for members and a forum with future members particularly students. (JDP/CCD-PIA CAR)