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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 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 Social Security Fairness Act (SSFA), which was recently signed into law on Jan. 5, by President Joe Biden, eliminates rules that reduce Social Security benefits for those who also get income ...
According to the projections of the Social Security Administration, the Trust Fund will continue to show net growth until 2022 [22] because the interest generated by its bonds and the revenue from payroll taxes exceeds the amount needed to pay benefits. After 2022, without increases in Social Security taxes or cuts in benefits, the Fund is ...
"Critics say there is a reason why we force people to pay into the Social Security system. These are two separate systems. If we need to fix Social Security, let's fix it.
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]
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Membership in the social security system is compulsory for all employees. [6] SSO is a non-governmental organization and it is solely financed by contributions (with the participation of insured (7%), employer (20–23%) and government (3%)).