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The Social Security System (SSS; Filipino: Paseguruhan ng mga Naglilingkod sa Pribado) [4] is a state-run social insurance program in the Philippines to workers in the private, professional and informal sectors. SSS is established by virtue of Republic Act No. 1161, better known as the Social Security Act of 1954.
The payments are sourced from the country's Social Security System (SSS). [1] The benefits are not dispensed as a loan and thus does not incur additional fees to the claimant. [3] Until 2018, there was no unemployment benefit scheme for private employees.
The loan had a lower interest rate compared to the prevailing rate in the market and payable in longer terms. Pag-IBIG Fund offers a home loan at a low interest rate of 4.5% (for ₱450,000 loan) with a loan term of up to 30 years. A qualified member can get a maximum loan amount of up to ₱6 million.
In 2002, a total of 117.7 million Philippine pesos in rebates were distributed to about 195,000 accounts. The rebates were for salary loans and ranged from 500 to 2,000 Philippine pesos each. [9] In 2002, it had nonperforming bad loans of 1.4 billion Philippine pesos, but for 2003 this had increased to 4.18 billion Philippine pesos.
The Manila Teachers Savings and Loan Association is a Filipino political party and associated financial lending organization which holds party-list representation in the House of Representatives of the Philippines. Outside its role in the Congress, it also offers loans to salary loans to public schools.
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In the Philippines, workers in the private sector who involuntarily became unemployed, including housemaids and Overseas Filipino Workers, are entitled to benefits through the Social Security Act of 2018. Unemployment benefits is sourced from the country's Social Security System (SSS). Under the 2018 legislation, the benefits are dispensed ...
The Government Service Insurance System (Filipino: Paseguruhan ng mga Naglilingkod sa Pamahalaan, abbreviated as GSIS) is a Filipino government-owned and controlled corporation (GOCC) in the Philippines aimed at government employees.