De Guzman, Angelica R.

BSA Assignment #4

Question:

What are your learnings in today’s lesson?

Answer:

What I learned in today’s lesson is about the Social Insurance or Social Security.
According to the reporter Social security refers to a system of compulsory measures intended to
protect the individual and his family against the consequences of an unavoidable interruption of
serious diminution of income for maintaining a reasonable standard of living.
There are 5 forerunners of Social Security, First is Holders of political power in society
were rewarded for their good services. Second, Monasteries and the various religious orders
were actively engaged in charitable and humanitarian activities, such as redeeming slaves,
helping the poor, the sick, and strangers, protecting pilgrims, building bridges, and maintaining
roads. Third, Funeral and sickness benefit societies had been known in ancient Greece, and these
became popular in Roman. Fourth, the city states of ancient Greece as well as the feudal states of
Western Europe considered it necessary to extend financial aid to their poor citizens. And lastly,
In Germany, during the middle of the 16th century, the government compelled the employers to
contribute to the workers' provident funds. During the second half of the 19th century, legislation
on workmen's compensation established the principle of employers' liability for accidents at
work.
I also learned the function and Importance of GSIS and SSS. First is the GSIS wherein
they provide a pension that has a social security benefit. There is a life Insurance Fund which
covered Retirement Insurance Fund, Health Insurance Fund / Medicare, State Insurance Fund /
Employees Compensation, Barangay Officials Life Insurance Fund. There are major
organizational or Group that they considered these are Office of the Board of Trustees, Office of
the President and General Manager, Actuarial Research and Development Group Information
Systems Group, Finance Group and Legal and Administrative Group.

While in SSS, it is administers social security protection to workers in the private sector.
There are different benefits that a government worker will receive and this are maternity,
sickness, disability, retirement, funeral and death benefits. Also there are different loans like
Salary Loan, Educational Loan, Calamity Loan and Housing Loan.

The purpose of SSS is to manage a sound and viable social security system which shall
promote social justice and provide meaningful protection to members and their families against
the hazards of disability, sickness, maternity, old age, death and other contingencies resulting in
loss of income or financial burden.