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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.
GSIS members are entitled to an array of social security benefits, such as life insurance benefits, separation or retirement benefits, and disability benefits. GSIS is also the administrator of the General Insurance Fund by virtue of RA 656 (Property Insurance Law).
According to Republic Act No. 1161, as amended by Republic Act No. 8282, "The Social Security Program provides a package of benefits in the event of death, disability, sickness, maternity, and old age. Basically, the Social Security System (SSS) provides for a replacement of income lost on account of the aforementioned contingencies."
The Social Security Act of 1954 has provisions related to unemployment benefits but the provisions were included without prior study on the solvency of the then to be established social security system. The provisions on unemployment benefits were dropped when the legislation was amended in 1957 to prioritize retirement, sickness, disability ...
In the Philippines, there are employers' confederations to lobby the protection of firm owners; they also represents the business sector and employers in the country. The most widely known is the Employers' Confederation of the Philippines, which is leads as the voice of the employers in labor management and socioeconomic development. [43]
Social Security Act of 2019 February 8, 2019 [35] 11200 An act providing for the rank classification in the Philippine National Police, Amending for the purpose Section 28 of Republic Act No. 6975, As amended, Otherwise known as the “Department of the Interior and Local Government Act of 1990” February 8, 2019 [36] 11202
Claiming Social Security at 62 would reduce your monthly PIA by 30%; delaying benefits until 70 would increase it by roughly 24% (assuming your full retirement age is 67).
Amending Investment Restrictions in Specific Laws Governing Adjustment Companies, Lending Companies, Financing Companies, and Investment Houses: 2016-07-17: 10882: Amending the AFP Military Personnel Retirement and Separation Decree of 1979 or PD 1638 : AFP Derivative Retirement Pension for Children/Survivors Act of 2016: 2016-07-17: 10883