Retirement Benefits on Social Security System
SSS in the Philippines
Social Security System (SSS) is one of the three mandatory employee benefits in the Philippines. The other two are: Home Mutual Development Fund for provident savings and PhilHealth, practical means of paying adequate medical care.
Employees working in private companies, like the OFWs (Overseas Filipino Workers) are required to have this kind of contribution. all employees under the age of 60, earning at least Php 1,000.00 pesos per month are obliged to have an SSS savings. Government employees are also mandated to contribute on similar insurance system, the Government Services Insurance System (GSIS).
For the self-employed, membership on SSS is optional. But, for your own security during your retirement age, it is a must to have an SSS savings..
Meanwhile, foreign personnel are also required to make contributions, unless in some circumstances on Philippine's social security agreement.
How SSS contribution is collected
The contribution is collected from the employee's salary. Employers will withheld this every month then submit to the SSS office whether monthly or quarterly basis.
Employers are also required to give contributions, more or less 180 % of employee's share.
Social Security in the USA
Twenty years to retirement: the posibilities and all
I'll be forty this year and I'll wait for another twenty years to avail of the SSS retirement benefits. All I have to do is diligently pay for my obligations and repay my loans to lessen deductions.
Retirement benefits will cover my:
- Medication - or hospitalization, if ever I got sick or afflicted with diseases when I reach the old age of 60 or so.
- Disability - if ever I'll encounter accidents while working. Untimely retirement like this will be shouldred by my SSS contribution and whatever aggregates on my savings that the agency will give me back on a monthly basis.
- Death & Funeral - Who should be afraid of death? We're all going there. At least, the expenses will be lessen because I'm ready to face the end of my life here on Earth. Too, morbid a though, huh?! Yet, we must be brave to face it at all times.
If time permits, I can extend my scholarly life by continuing to maintain family business during that retirement period or indulge in long vacation outside the country.
As we grow old, we should widen our horizon by traveling. Be a tourist. There are programs for the elderly that will benefit me and enjoy the rest of my life.
That remains to be seen.
For the next twenty years.
Great Social Security Debate on CNBC c/o InsideScoop
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