Celebrating 65 years of social security.
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The Social Security System is a state-run social insurance program in the Philippines that provides benefits to workers in the private, professional, and informal sectors. SSS was established by Republic Act No. 1161, also known as the Social Security Act of 1954. This law was later amended by Republic Act No. 8282 in 1997.
The SSS aims to institutionalize a corporate culture that instills the core values of Trust, Empowerment and Teamwork.
To manage a sound and viable social security system which shall promote social justice and provide meaningful protection to members and their families against the hazards of disability, sickness, maternity, old age, death and other contingencies resulting in loss of income or financial burden.
A viable social security institution providing universal and equitable social protection through world-class service.
"It is the policy of the State to establish, develop, promote and perfect a sound and viable tax-exempt social security system suitable to the needs of the people throughout the Philippines which shall promote social justice through savings, and ensure meaningful social security protection to members and their beneficiaries against the hazards of disability, sickness, maternity, old age, death, and other contingencies resulting in loss of income or financial burden. Towards this end, the State shall endeavor to extend social security protection to Filipino workers, local or overseas, and their beneficiaries. In the pursuit of this policy, a social security program shall be developed emphasizing the value of 'work, save, invest and prosper'. The maximum profitability of investible funds and resources of the program shall be ensured through a culture of excellence in management grounded upon sound and efficient policies employing internationally recognized best practices." (Section 2, RA 11199)
The Social Security System (SSS) said today it has started implementing the provisions of the Republic Act of RA 11199 or the Social Security Act of 2018, which mandated a contribution hike to ensure the financial viability of the state pension fund for private sector workers.
President and Chief Executive Officer Rolando Ledesma Macasaet formally assumed the post as the 20th head of the Social Security System (SSS) from outgoing PCEO Michael Gonzales Regino during the turnover ceremonies held at the Magsaysay Hall of the SSS main office in East Avenue, Quezon City Tuesday, January 10, morning.
Former Social Security System (SSS) President and CEO Michael G. Regino (right) turned over the leadership of the SSS to newly appointed Acting President and CEO Rolando L. Macasaet (left) in a ceremony held today, January 10, 2023, at the SSS Main Office in Quezon City.
The Social Security System (SSS) disbursed a total of P236.3 billion in benefits from January to November 2022, a growth of 13.2% from the P208.8 billion benefit disbursements it recorded for the same period last year.
The Social Security System (SSS) announced today that an additional 22 years have been added to the SSS fund life with the help of contribution rate increases since 2019.