Most people nowadays go to work for financial stability even if they don’t like the workplace so to prepare for a better future SSS is the key to providing a safe retirement. Understanding how SSS work and how they can be beneficial for you to secure your financial future.
What is the SSS Savings?
It is managed by the Social Security System (SSS) in the Philippines.The contributions made by employees and their employers toward a government-managed fund. These contributions serve as a form of insurance, providing financial assistance in times of retirement, disability, sickness, maternity and even death.
SSS savings are based on monthly contributions from both employees and employers. The amount contributed depends on the employee’s salary bracket, with higher salaries generally requiring higher contributions. These contributions accumulate over time and earn interest ensuring that the fund grows and remains sustainable.
The Benefits of SSS Savings
- Retirement Secured: SSS savings ensure that individuals have a steady income after they retire from their jobs. This pension replaces a part of their salary helping maintain their standard of living even after they stop working.
- Disability and Sickness: If an SSS member becomes disabled or falls ill and unable to work, SSS savings provide a regular source of income to cover your living expenses or medical costs.
- Maternity Benefits: Pregnant women and new mothers can receive financial assistance through SSS Savings to help cover medical expenses and provide for their newborns.
- Death Benefits: In the unfortunate event of an SSS member’s death, SSS savings provide financial assistance to their beneficiaries to help cover funeral expenses and support the family left behind.
SSS Savings is an important resource that provides financial security and peace of mind to individuals and families throughout their lives. By understanding how SSS savings work and actively managing your contributions you can perfectly plan a secured future.
