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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.
Employers pay a contribution on top of the pre-tax income of their employees, which together with the employee contribution, fund the scheme. The maximum unemployment benefit is (as of March 2009) 57.4% of €162 per day (Social security contributions ceiling in 2011), or €6900 per month. [ 28 ]
The Home Development Mutual Fund (HDMF), commonly known as the Pag-IBIG Fund (acronym of its Filipino name: Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno [a]), is a government-owned and controlled corporation under the Department of Human Settlements and Urban Development of the Philippines responsible for the administration of the national savings program and affordable ...
In 1973, SSS coverage was extended to overseas Filipino workers and in 1980 to self-employed persons. SSS investment income during Teodoro’s term enabled the fund to increase benefits several times over despite a slow increase in contribution rates.
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In the Philippines, a government-owned and controlled corporation (GOCC), sometimes with an "and/or", [1] is a state-owned enterprise that conducts both commercial and non-commercial activity. Examples of the latter would be the Government Service Insurance System (GSIS), a social security system for government employees.
WASHINGTON (Reuters) -China-based DJI and Autel Robotics could be banned from selling new drones in the United States market under an annual military bill set to be voted on later this week by the ...