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Sunday, June 16, 2024

Unemployed SSS members get P732M

The Social Security System (SSS) released P732.15 million in unemployment benefit disbursements to 54,282 members from January to June 2021.
The Unemployment Benefit is one of the landmark provisions of Republic Act No.11199 or Social Security Act of 2018 effective March 5, 2019. Qualified are covered employees, including kasambahay (household helpers) and Overseas Filipino Workers (OFWs) who were involuntarily separated from employment due to economic downturn, natural or human-induced calamities/disasters, installation of labor-saving devices; redundancy; retrenchment or downsizing; closure or cessation of operation; and disease or illness of the employee whose continued employment is prohibited by law or is prejudicial to his or her co-employees’ health.
Members must not be more than 60 years old at the time of involuntary separation. For underground or surface mineworkers and racehorse jockeys, they should not be more than 50 and 55 years old, respectively. Members must have paid at least 36 monthly contributions, 12 months of which should have been paid within the 18-month period before the involuntary separation.
Qualified members will receive a monthly cash benefit which is equivalent to 50 percent of member’s average monthly salary credit (AMSC) for a maximum of two months. Benefit claim should be filed within one year from the date of member’s involuntary separation.

Photosource: Moneygment

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