IMPORTANCE OF BEINGAN SSS MEMBER

Understanding Your SSS ProgramPart I

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Who Are Covered?

All private-sector workersNot over 60 yrs. oldWith at least P1,000

monthly income

Compulsory Employed Self-employed (SE)

Voluntary Separated employees Non-working spouses OFWs

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How Are Contributions Computed?

Monthly Salary Credit

(MSC)

Contribution Rate

Monthly Contribution

Amount

•Min: P1,000•Max: P15,000

Currently at 10.4%

of which:Employer

7.07%Employee

3.33%SE/VM/OFW

10.4%

•Min: P104•Max: P1,560

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What Are The Benefits Provided?

Long-termRetirementDisabilityDeath (with Funeral Grant)

Short-termSicknessMaternity

Contributions finance all these benefits

EMPLOYERS

INVESTMENT RESERVE FUND

SERVICESWORKERS

RESERVE FUND

Contributions

Contributions

Benefits

Operating Expenses

Income Investments

MEMBERS & DEPENDENTS

How Does Your SSS Fund Work?6

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Contributions P831-billion Benefits P830-billionOperating exp. P 89-billionInv. Income P384-billion

REVENUES EXPENDITURES

What Is The Status of Your SSS Fund?(From 1957 to Nov 2011)

NET REVENUES: P296-billion

Total

Expenditures

P919-

billion

Total

Revenues

P1,215-

billion

ASSETS: P320-billion

In 2003 : Funds to last until 2031

In 1999: Funds to last until 2015

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In 2007: Funds to last until 2039

Ultimate goal: Gradually back to perpetuity Required Contribution Rate: 14% (per 2007 valuation)

In 1980: Funds to last in perpetuity

What Is The Life of Your SSS Fund?

Value of Your SSS MembershipPart II

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Value of Your SSS Membership

Becomes SSS member Reaches compulsory retirement

TYPICAL WORKER-MEMBER: WITH 20 SERVICE YEARS

25 y.o. 35 y.o. 45 y.o. 55 y.o. 65 y.o.

RETIREMENT BENEFITS (plus 13th month

pension)

Contributions(20 years)

Pensions(20 years)

Min P24,960 P624,000

Max P374,400 P1,638,000Up to 25x in return

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Value of Your SSS Membership

Worker dies; with 1 qualifying contribution

DEATH BENEFITS (plus P20,000 Funeral Grant)

Contributions(1 month)

Lump Sum

Min P104 P32,000

Max P1,560 P92,000

Up to 308x in return

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Value of Your SSS Membership

Worker gets sick for 120 days; with 3 qualifying contributions

SICKNESS BENEFITS

Contributions(3 months)

Cash Allowances

Min P312 P1,800

Max P4,680 P27,000

Up to 6x in return

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Value of Your SSS Membership

Female worker gives birth; with 3 qualifying contributions

MATERNITY BENEFITS (Normal: 60 days / Caesarian: 78

days )

Contributions(3 months)

Cash Allowances

Min P312 P1,000 / 1,300

Max P4,680 P15,000 / 19,500Up to 4x in return

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Value of Your SSS Membership

Worker is partially disabled for 2 years; with 36 qualifying contributions

PARTIAL DISABILITY BENEFITS(plus 13th month pension & Supp. Allowance)

Contributions(36 months)

Pensions(2 years)

Min P3,744 P39,000

Max P56,160 P169,000

Up to 10x in return

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Value of Your SSS Membership

Worker is totally disabled; with 36 qualifying contributions

TOTAL DISABILITY BENEFITS(plus 13th month pension & Supp. Allowance)

Contributions(36 months)

Pensions(5 years)

Min P3,744 P97,500

Max P56,160 P422,500

Up to 26x in return

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Value of Your SSS Membership

Worker dies & leaves primary beneficiaries; with 36 qualifying contributions

DEATH BENEFITS (plus 13th month pension & P20,000

Funeral Grant)

Contributions(36 months)

Pensions(5 years)

Min P3,744 P85,000

Max P56,160 P410,000Up to 23x in return

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Pensioner dies

Primary beneficiaries continue to receive 100% of monthly pension for life

SURVIVORS’ PENSION(plus P20,000 Funeral Grant)

Value of Your SSS Membership

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/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

Minimum Case

P 7,184

P104

P 332,000

P2,400

Maximum Case

P 131,328

P1,560

P 839,000

P6,300

Credited Service: 20 Years

Pension Period: 10 Years

Contributions Paid /a

Last Monthly Contribution

Benefits Received /b

Monthly PensionContribution-Benefit Ratio P1 : P46 P1 : P6

Value of Your SSS Membership(Actual Member Cases)

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/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

Minimum Case

P 7,184

P104

P 644,000

P2,400

Maximum Case

P 131,328

P1,560

P1,658,000

P6,300

Credited Service: 20 Years

Pension Period: 20 Years

Contributions Paid /a

Last Monthly Contribution

Benefits Received /b

Monthly PensionContribution-Benefit Ratio P1 : P90 P1 : P13

Value of Your SSS Membership(Actual Member Cases)

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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

Concluding Remarks

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

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Your Role as SSS Members

WE ARE ALL

RESPONSIBLE

FOR THE SSS.

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Ang SSS: Kabalikat Natin

Our Role as Stakeholders

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THANK YOU!