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SSS members can make 'salary' or 'calamity' loans. Salary loans are calculated based on a member's particular monthly salary credit. Calamity loans are for instances when the government has declared a state of calamity in the area where an SSS member lives, following disasters such as flooding and earthquakes. [19]
Teodoro first implemented SSS Medical Care (Medicare) program in 1972, which provided cash payments for medical, surgical and hospitalization expenses of members and their beneficiaries. Three years later, he launched the Employees’ Compensation (EC) program, which gave additional funds to members who suffered from work-related illnesses ...
In 2002, a total of 117.7 million Philippine pesos in rebates were distributed to about 195,000 accounts. The rebates were for salary loans and ranged from 500 to 2,000 Philippine pesos each. [9] In 2002, it had nonperforming bad loans of 1.4 billion Philippine pesos, but for 2003 this had increased to 4.18 billion Philippine pesos.
"In essence, this money has been stolen from all of us for all these years," said an 84-year-old woman whose late husband's Social Security benefits were slashed. "It's not fair."
Image source: Getty Images. 1. Monthly benefits will be higher in 2025. The most notable change to Social Security benefits in 2025 should be good news.
The payments are sourced from the country's Social Security System (SSS). [1] The benefits are not dispensed as a loan and thus does not incur additional fees to the claimant. [3] Until 2018, there was no unemployment benefit scheme for private employees.
Manila Teachers won its first seat in the House of Representatives as a party-list group following the 2016 election. [2] The group's seat for the 17th Congress was filled by Virgilio Lacson. They were able to retain their seat for the 18th and 19th Congress, after securing sufficient votes in the 2019 and 2022 elections. Lacson likewise ...
More Americans over the age of 60 are paying off student loans than you think. ‘A war on the old and the poor’: 70-year-old with $84K in student loan debt worries Social Security won’t be ...