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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.
Contribution And Benefit Base; Go Ahead and Lift the Cap, article by economist John Miller on raising the SSWB, Dollars & Sense magazine, March/April 2008; Over 50 Programs; The Evolution of Social Security's Taxable Maximum, See Table 1: Tax max levels, level-setting mechanisms, and policy rationales, 1937–2011
Created by Commonwealth Act No. 186 and Republic Act No. 8291 (GSIS Act of 1997), GSIS is a social insurance institution that provides a defined benefit scheme. It insures its members against the occurrence of certain contingencies in exchange for their monthly premium contributions.
In 2019, 1 in 4 individuals claimed at the early retirement age. [54] From 2009 through 2019, the percentage of men claiming retirement benefits after the full retirement age increased from 4.1 percent to 16.2 percent. [55] The effects of the COVID-19 pandemic and ensuing recession and recovery on benefit claiming, however, are not yet known. [54]
The agency responsible for implementation is the Social Security System (SSS), and also the Government Service Insurance System (GSIS), the Philippine Health Insurance Corporation (PhilHealth), and the Pag-IBIG Fund (Home Development Mutual Fund) use the card. [3] The card was also suggested to be used as a voter ID. [4]
According to the Social Security Trustees, who oversee the program and report on its financial condition, program costs are expected to exceed non-interest income from 2010 onward. However, due to interest (earned at a 3.6% rate in 2014) the program will run an overall surplus that adds to the fund through the end of 2019.
The Home Development Mutual Fund (HDMF), commonly known as the Pag-IBIG Fund (acronym of its Filipino name: Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno [a]), is a government-owned and controlled corporation under the Department of Human Settlements and Urban Development of the Philippines responsible for the administration of the national savings program and affordable ...
As of 2010, the standard issue assault rifles used by SSS Combat Operatives/Security Protection Officers (S.P.O) are the IMI Tavor Tar-21 assault rifle produced by Israeli Military Industries and the FN P90 personal protection weapon, FN F2000 assault rifle, both manufactured by FN Herstal; [19] these rifles replace the Uzi as the primary ...