Philippine Social Security System: Loan, Sickness, and Retirement Benefits

The Philippine Social Security System (SSS) is a privatized social insurance program for Filipino workers in the private sector. It is the counterpart of the social insurance program for government workers called the Government Service Insurance System (GSIS). According to Philippine law, any individual working as a regular employee in a private company must be covered by the SSS. The member's employer pays part of his monthly contribution. The salary bracket determines how much a member must pay and how much benefit he receives.

More About Philippine SSS Membership:
How to Register with the Philippine Social Security System (For Employed Individuals)

Member Loan Benefits

An SSS member loan benefit is divided into three types: salary loan, calamity loan and emergency loan.

The salary loan is available to employed SSS members who want to get a loanable amount depending on his salary bracket. The calamity loan is provided to members devastated by a calamity such as typhoon or earthquake. This type of loan is available to those living in Philippine areas declared as under calamity. The emergency loan is available to members with personal financial needs due to getting laid-off from work, temporarily retrenched following the company's suspension due to currency crisis, or even to employed members whose income is reduced due to job rotation or reduced working hours.

Sickness Benefit

An SSS sickness benefit provides a member with a daily cash allowance paid for the number of days he is unable to work due to sickness or injury. Only employed members qualify for this type of SSS benefit. An employee can apply for the benefit if he has already used his company sick leave for the year.

This benefit is available to members unable to work due to sickness or injury and confined in a hospital or at home for at least four consecutive days. The member must also have at least three months of paid contributions within the 12-month period prior to the sickness to qualify for the sickness benefit.

More About Philippine Healthcare:
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Retirement Benefit

An SSS retirement benefit is a cash benefit paid to a retired member either in the form of a monthly pension or a lump sum. A retired member must be at least 60 years old and must have already stopped working.

For a member who already paid at least 120 monthly contributions before applying for the retirement benefit, whether as an entirely employed (with the employer paying a part of each monthly contribution), self-employed or voluntary member, the SSS provides him a lifetime cash benefit in the form of a monthly pension. The retiree may also opt to receive the first 18 months of the pension in the form of a lump sum, according to the computation determined by the SSS. This must be requested upon filing the first retirement claim.

For a member unable to pay the required minimum of 120 monthly contributions prior to the application for the retirement benefit, only a lump sum amount is provided as a one-time payment for the retiree.

"What is SSS Sickness Benefit?" SSS Philippines.
"Salary Loan," SSS Philippines.
"Calamity Loan," SSS Philippines.
"Salary Loan," Philippine Social Security System.
"How to Register?" Philippine Social Security System.

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