SSS(Social Security System)

Brief History
SSS started operation on September 1,1957 with 211 personnel and assets of 6,732 initially SSS
granted only debt, disability,sickness and old age benefits

Gilberto Teodora Sr."MR SSS - The man behind the development of SSS
Current President of SSS - Emmanuel Dooc
Current Assets - 444 billion
The monthly contribution are base on the compensation
The currrent SSS contribution rate is 11% of the monthly salary credit not exceeding 16,000 and
this being shared by the employer 7.37% and employee 3.63%
OFWs minimum monthly salary credit 5,000

Schedule of Contribution
Due dates of the Contribution
The Schedule of Payment defends upon the 10th last digitof employers number..
EMPLOYED - at least earning 1,000 a month and not exceeding 60 yrs.old.
VOLUNTARY /SELF EMPLOYED- those are not fall under the definition of employee
Selfemployedprofessional such as single proprierorship of business
Professional athletes, coaches and trainers.
BENEFITS
Sickness
Maternity
Disability
Retirement
Death
Funeral
LOANS
Member loans - ex.Salary loan
Housing loans - ex.Direct housing loan facility to workers organization member
Business loans- ex.ASENSO( Access of Small Enterprises to Sound Lending
Opportunities) SMes to give small medium enterprises.