Social Security System is very well known because of providing financial assistance to Filipinos. Just recently, they announced that they will be giving up to Php 20,000 pesos cash aid to their contributing member who lost their job via SSS Cash Benefit.
Cash aid will be based on the monthly credit of members. For instance, if a member contributes to a Php 20,000 monthly salary credit then they will get the same amount.
As per Fernando Nicolas, SSS Public Affairs and Special Events Division head. They have allocated Php 1.2 Billion cash aid via SSS Cash Benefit for those private-sector workers who lost their job. In addition, the Department of Finance (DOF) recently announced that the cash-aid is ready to be released.
Based on the Philippine Statistics Authority’s (PSA) labor force survey, the unemployment rate is still going up. From April 2019 up to April 2020, almost 8 million workers lost their job. Most of them are due to COVID-19.
Contributing members can get cash aid from SSS if they lost their job. It can either due to COVID-19 or not as long as it includes the following reason:
-Redundancy
-Installation of Labor-Saving Devices
-Retrenchment
-Closure or Cessation of Operation
-Disease
-Illness
How to Apply?
A contributing member just has to show certification of involuntary termination from their work. The Department of Labor and Employment will give it. They also need to bring the savings account where that cash aid will be deposited.
However, self-employed members will be excluded from getting SSS cash benefits because they are known to have their own source of income.
This cash aid benefit might not be the solution to the problem of those who will become jobless. However, this will help them cope up with the tragic situation.
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