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The Social Security Act of 2018 mandates the government to provide unemployment benefits to private sector employees who were involuntarily separated from employment. [1] Unemployment benefit is also referred to as unemployment insurance or involuntary separation benefit. [2] The payments are sourced from the country's Social Security System ...
The Employees' Compensation (EC) Program which started in 1975 provided double compensation to workers who had illness, accident during work-related activities, or died. EC benefits are granted only to members with employers other than themselves. [18] SSS members can make 'salary' or 'calamity' loans.
A Mobility Allowance was established in 1979 for people between 16 and 66. It is paid monthly at a rate of 208.50 per month. There are in excess of 4,700 recipients of mobility allowance at an annual cost of over 9 million.
However, if there is no existing retirement plan or agreement for the employee, he/she may retire at the age of 60, given that he/she has served the employer for 5 years, and shall be given a retirement pay of at least half a month's salary for every year of service (6 months of work given is considered as 1 whole year for the retirement pay). [28]
According to Presidential Decree No. 851, an employer is mandated by law to give his employees thirteenth month pay. The thirteenth month pay required by law should not be less than one twelfth of the total basic salary earned by an employee within a calendar year. [11] The thirteenth month pay is exempted from being taxed by the government.
In addition to base salary, allowances may be paid to an employee for specific purposes other than performing the job. These can include allowances for transportation, housing, meals, cost of living, seniority, or as payments in lieu of medical or pension benefits.
The entrance and logo of a Social Security Office in Pasadena, California U.S., March 14, 2017.
It is not possible for non-government employees, self-employed or non-working persons to become members of the GSIS. Instead, they are covered by the Social Security System (SSS). Meanwhile government employees in addition to GSIS, can also become members of the SSS at their own cost.