BALANGA CITY — Social Security System (SSS) members who will be involuntarily displaced in their jobs will soon enjoy an additional benefit.
“This new benefit seeks to help members who have just lost their job provided that they meet the qualifying conditions,” SSS President and Chief Executive Officer Emmanuel Dooc said in a press briefing in Balanga City.
Qualified beneficiaries of the benefit are those who involuntarily lost their job or without fault of their own and should have a least 36 months of contributions.
Beneficiaries will receive 50 percent of their highest salary credit and will be available for two months.
“This will be a great help for our members who will be fired in their current employment and we hope they can recover and find a replacement job within the two-month period,” Dooc furthered.
Dooc also clarified that the unemployment issuance is not a loan but part of the SSS benefits their members can enjoy like sickness and maternity.
The new benefit is under the Social Security Act of 2018 which seeks to amend the pension fund’s charter and strengthen SSS finances.