SSS releases P84M for unemployment benefit

The Social Security System (SSS)  said it already disbursed over P84 million worth of unemployment benefits in the first two months of implementation of Republic Act 11199 or the Social Security Act of 2018.

SSS president and Chief Executive Officer Aurora C. Ignacio said the pension fund was able to provide immediate financial assistance to more than 6,900 actively-paying members of SSS who were involuntarily separated from the workforce. 

“We are now seeing the fruits of labor of our lawmakers, stakeholders and SSS representatives who have crafted the SS Act of 2018. We are able to provide cash benefits to the qualified members who needed the SSS the most when they unexpectedly lost their jobs,” Ignacio said.

As of October 21,  or more than two months since the pension fund started receiving applications for the unemployment benefit, SSS already paid a total of P84.27 million worth of unemployment benefit to 6,907 members who were separated from work.

Makati Gil-Puyat branch approved the highest number of unemployment benefit applications at 943 amounting to P13.76 million worth of disbursement. This was followed by Bacoor branch with 876 applications received amounting to P8.98 million releases; Biñan branch with 833 approved applications amounting to P9.74 million benefit paid; and Pasig-Pioneer and Cebu branches, both with 437 approved applications with disbursements amounting to P6.10 million and P5.16 million, respectively.

The SSS unemployment benefit is one of the salient features of SS Act of 2018 which aims to provide a cash benefit equivalent to half of the member’s average monthly salary credit (AMSC) for a maximum of two months.

“SSS members who were involuntarily separated from work starting March 5, 2019, onwards can avail the unemployment benefit,” Ignacio added.

To qualify for unemployment benefit, members must not exceed 60 years old at the time of involuntary separation. But for underground and surface mineworkers, and racehorse jockey members, they must not exceed 50 and 55 years old, respectively.

Member-applicant must have paid at least 36 monthly contributions wherein 12 months of it should have been paid within the 18-month period before the month of involuntary separation.