Salient Features of the Social Security Act of 2018

By | March 27, 2019
social security act of 2018

Social Security Act of 2018 | SSS

 

What are the salient features of the Social Security Act of 2018?

  • New Contribution rate and Monthly Salary Credit
  • Mandatory OFW Coverage
  • Unemployment/Involuntary Separation Benefit
  • Contribution Penalty Condonation Program

New Contribution rate and Monthly Salary Credit
There will be a gradual increase in contribution to further strengthen the SSS funds. Starting in April 2019, the new contribution table will be implemented. On a larger basis, the benefit is greater.

Mandatory OFW Coverage
Our OFWs are protected. Although they are far away, they need not worry because there is an SSS they can rely on in times of need.

Unemployment / Involuntary Separation Benefit
If you suddenly lose your job due to a retrenchment or company closure, you can apply for this benefit. This is a temporary replacement for your income for two (2) months while seeking a new job.

Condonation Penalty Condonation Program
There will be a penalty condonation for unpaid employers’ contributions of their employees. Approximately 1.4 million private employee workers will benefit from this. Delinquent employers may apply for this program until September 6, 2019.

Ano ba ang mga bago sa Social Security Act of 2018?

New Contribution rate and Monthly Salary Credit
Magkakaroon ng unti-unting pagtaas ng kontribusyon upang lalong mapatatag ang pondo ng SSS. Simula April 2019, implemented na ang new contribution table. Sa mas malaking ipon, mas malaki rin ang benepisyo.

Mandatory OFW Coverage
Protektado na ang ating mga kababayang OFW. Kahit malayo sila, walang kaba. Dahil may SSS na maaasahan sa oras ng pangangailangan.

Unemployment/Involuntary Separation Benefit
Kung biglaang nawalan ng hanapbuhay dahil sa retrenchment o pagsasara ng pinapasukan,
maaaring mag-apply ng benefit na ito. Ito ay pansamantalang pamalit-kita sa loob ng dalawang (2) buwan habang naghahanap muli ng trabaho ang miyembro.

Condonation Penalty Condonation Program
Magkakaroon ng penalty condonation para sa mga employer na may hindi nabayarang kontribusyon ng kanilang mga empleyado. Tinatayang nasa 1.4 milyon na private employee workers ang makikinabang dito. Maaaring mag-apply dito ang mga delinquent employers hanggang September 6, 2019.

Abangan din ang housing condonation.

 

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