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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.
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.
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 ...
The Instituto Nacional do Seguro Social (English: National Social Security Institute) or INSS is a Brazilian government agency linked to the Ministry of Labor and Employment that collects contributions for the maintenance of the General Social Security System (RGPS), which is responsible for paying retirement pensions, maternity, death, reclusion, sickness and accident benefits, and other ...
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]
However, employee’s contribution is 12% of the basic wage as per sec.2(b) of the act and employer’s share of contribution is also 12% of the basic wage as per sec.2(b) of the act. In employer contribution of 12%, 8.33% transfer to EPS (Employee Pension Scheme) and 3.67% transfer to EPF (Employee Provident Fund).
It is characterized as the welfare model with the lowest spending, with little investment in social assistance, a more fragmented social security system, and high spending on pensions, making pension benefits greater than unemployment benefits. One of the most particular features of the Mediterranean model is the large role of the family, which ...
The recognition of social security as a basic human right is enshrined in the Universal Declaration of Human Rights (1948). [1] The development of social security programmes is considered to be one of the most significant social achievements of the international community, but its enhancement and extension remain one of the main challenges of the 21st century.