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In 2017, about 2.2 million people receiving pension from the SSS saw their take-home benefits increased by ₱1,000 with the approval of President Rodrigo Duterte. [15] Starting with a fund of ₱500,000 from the government, SSS' total assets grew to ₱474.7 billion and served 34.2 million members in 2016. [5]
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 provisions on unemployment benefits were dropped when the legislation was amended in 1957 to prioritize retirement, sickness, disability and death benefits. [4] Under the 2018 legislation, the benefits are dispensed through a one-time payment to equal to 50 percent of the claimant's monthly salary for a maximum of two months.
“Ex-spouses who were married at least 10 years before divorcing may be able to collect survivor benefits up to 100% of their benefit amount even if the ex [was] remarried,” Sherwood said ...
If you're approaching your 60s, you can expect to hear from the Social Security Administration. The SSA mails Social Security statements to pre-retirees each year letting you know what your monthly...
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