SSS studying lower contributions for 4Ps beneficiaries

The Social Security System (SSS) on Thursday said it is looking at possibly creating a special contribution table for beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps), as it targets to provide lost-cost insurance to 4.4 million beneficiaries of the program.

In a statement on Thursday, the SSS said it will work with the Department of Social Welfare and Development (DSWD) to provide coverage to the vulnerable sectors of society, with the program specifically designed for 4Ps beneficiaries.

“SSS aims to provide these vulnerable sectors with the mechanism to become active SSS members and thereby secure their future through the range of SSS benefits,” SSS president and chief executive officer Rolando Macasaet said.

“We may also craft a special SSS contribution table for 4Ps beneficiaries tailored to fit their paying capacity considering the current minimum monthly contribution of P570,” he added.

Macasaet said the agency is looking at reducing the P570 minimum monthly payments for 4Ps beneficiaries, and it will be in discussion with businesses for the possible subsidies through corporate social responsibility programs.

“For the poorest families like 4Ps recipients, paying P570 a month might already be a big amount. They might not be able to complete the minimum monthly contributions required to qualify for a lifetime pension,” he said.

“We have a contribution subsidy provider program (CSPP), wherein a private or government individual or group can subsidize the monthly contributions of identified SSS members. We will pitch to companies willing to sponsor SSS contributions to subsidize the monthly premiums of 4Ps beneficiaries,” he added.

Macasaet noted, however, that lower monthly premiums will result in lower benefits as members who pay the P570 minimum for 120 months receive about P2,200 monthly. Another option is to have them contribute for a longer period of 180 months to avail of the monthly pension.

He said the agency is also exploring options to help 4Ps beneficiaries pay the 120 monthly contributions required for them to qualify for a lifetime pension when they reach retirement age.

“It is important for 4Ps beneficiaries to have SSS contributions. Once they have paid at least 120 monthly contributions, they will no longer need financial support from the government because they will become qualified to receive a monthly pension from SSS upon reaching 60 years old,” he said.

The SSS earlier inked a memorandum of agreement (MOA) with the DSWD, giving 4Ps beneficiaries access to low-cost social insurance covering income loss and sickness, among others, with the monthly premium shouldered by the beneficiaries.
https://www.gmanetwork.com/news/topstories/nation/912562/4ps-beneficiaries-to-get-access-to-sss-low-cost-insurance/story/

“We will immediately work on the appropriate mechanism for registration, contribution collection, benefit claims, and other essential details needed to implement the program knowing the importance of SSS membership to 4Ps beneficiaries,” Macasaet said.

Under its mandate, the SSS is tasked to promote social justice and provide protection to members and families against the hazards of disability, sickness, maternity, old age, death, and other contingencies resulting in loss of income or financial burden. —VAL, GMA Integrated News