Yesterday we featured the basic information on the Social Security System to help first-time members and SSS applicants appreciate how the social insurance system works. Now we know that every Filipino, whether employed, self-employed, or unemployed, must have a Social Security number to become entitled to the benefits that the government agency offers.
There are two types of coverage under the SSS, one is the Compulsory Coverage which includes Employers, Employees, and Self-employed individuals. Another type of coverage is the Voluntary Coverage or the non-mandatory registration and payment of social security contributions.
Who belongs under the Voluntary Coverage category?
- Voluntary Members (VM)
- Individuals previously covered as an SSS member (could be an EE, SE, or OFW);
- Must have posted at least one contribution;
- No longer employed, self-employed, or listed as an active OFW; he or she must not have any source of income.
- Chose to continue paying his SSS contributions to secure his full benefits.
- Overseas Filipino Workers (OFWs)
- A Filipino who has sought employment abroad via recruitment of foreign-based employers;
- Source of income is from a foreign country; or
- A Filipino who resides permanently in a foreign country.
- Non-Working Spouse (NWS)
- A spouse who is not employed and does not have any other source of income;
- He or she must be fully devoted to managing the household without any side businesses from which he or she may be deriving income.
When does coverage of members take effect?
Your SSS insurance coverage shall take effect depending on the type of coverage you have.
- ER – on the first day that the employee is hired.
- EE – on the first day of the individual’s employment.
- SE –
- On the month and year of the SE’s first monthly contribution payment, and must not be earlier than the declared “Start of Business” in the SSS Form E-1;
- Or retroactive on the applicable month and year of the first contribution payment.
- OFW – On the applicable month and year of the first contribution payment based on the payment deadline for OFWs.
- NWS – On the applicable month and year of the first contribution payment.
The SSS Schedule of Contributions for 2018
As a member of the SSS, you must have a copy of the schedule of contributions to avoid delays in your payments.
FOR EMPLOYERS AND EMPLOYEES
FOR VOLUNTARY MEMBERS AND OFWs
Apart from that, the SSS now requires both employers and employees to have an online SSS account. This allows you to check the posting of your contributions and other details you need to know about your membership, even when you do not have access to an SSS branch office. You may also apply for a salary loan right from your online account; it is a convenient and secure way of availing one of your many privileges as an SSS member.
Want to know how your pension will be computed and if you have the option to withdraw it before you reach your retirement age? Visit us again tomorrow.
If you have questions about your SSS membership, drom us a line and we will do our best to find the answers for you.