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The Social Security System (SSS; Filipino: Paseguruhan ng mga Naglilingkod sa Pribado) [4] is a state-run social insurance program in the Philippines to workers in the private, professional and informal sectors. SSS is established by virtue of Republic Act No. 1161, better known as the Social Security Act of 1954.
The unemployment benefit of the SSS also covers the kasambahay (housemaids) as well as Overseas Filipino Workers (OFWs; Filipino migrant workers).Claimants should have made 36 monthly contributions to the SSS, 12 months of which should be in the 18-month period immediately preceding the month of involuntary separation.
Image source: Getty Images. 1. Understand how your claiming age affects your benefits. The government bases your Social Security benefits on your income during your working years and your age at ...
SSS investment income during Teodoro’s term enabled the fund to increase benefits several times over despite a slow increase in contribution rates. Moreover, SSS fund placements in various government banking institutions had yielded high returns, which helped spur economic growth and fund public infrastructure projects.
Any plans to eliminate taxes on Social Security benefits would primarily help those beneficiaries who earn between $63,000 and $200,000, according to the Tax Policy Center.
It triggers additional taxation on your Social Security benefits. For single filers with combined income above $34,000 or married couples filing jointly above $44,000, up to 85% of Social Security ...
GSIS members are entitled to an array of social security benefits, such as life insurance benefits, separation or retirement benefits, and disability benefits. GSIS is also the administrator of the General Insurance Fund by virtue of RA 656 (Property Insurance Law).
But Social Security benefits are designed to replace about 40% of a person's working income. Gen X, meanwhile, is also shaping up to hit retirement without enough saved for their golden years.