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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 social assistance disbursed by SASSA takes the form of various grants; most of them are means-tested and paid in cash on a monthly basis. These are the Child Support Grant, the Care Dependency Grant, the Foster Child Grant, the Disability Grant, the Grant-in-Aid, the Older Person's Grant (an old-age pension), and the War Veteran's Grant. [6]
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.
Consider the case of Riley, who received a $250,000 check after being named the beneficiary of her dad’s life insurance policy. Riley’s mom inherited her husband’s retirement savings and the ...
In the course of the SARS-CoV‑2 pandemic these harsh standards have temporarily been reduced to a mere sanity check to avoid undue hardship. Despite its name, unemployment is not a requirement. Due to wage dumping and other labour market dynamics, a large number of working beneficiaries supplement their monthly income. They have the same ...
The typical beneficiary will see their monthly check increase by about $50, rising to to $1,976 per month. That higher payment will kick in with their January benefits:
Contingent beneficiaries: These are the backup beneficiaries. If the primary beneficiary is no longer alive or unable to receive the money, the contingent beneficiary steps in to receive the ...
This reduces the trust fund balance to the extent this occurs. The program deficits are expected to exhaust the fund by 2034. Thereafter, since Social Security is only authorized to pay beneficiaries what it collects in payroll taxes dedicated to the program, program payouts will fall by an estimated 21%.
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