Could be annoying

How many times does SSS have to say that there should be 1 and only 1 SSS number for one person?
How many times, I wonder?  Ad nauseum?
I hope not.

People, pay attention.
You should have only 1 SSS Number... and this number should last you for your lifetime.
If you forget your number, all you have to do to get the number is to go to SSS, with your complete bona fides to establish you are who you say you are, and SSS will give you your number.

Remember this has to be live. in person, and the reason for this is that no one can take your identity from you.

again.  you only need 1 sss number in your life. you can change status .... become married, a widow, a widower, back to being single, and your sss number will NOT change.

your contributions, for as long as it is posted correctly, will always be there... no matter how many employees you go through.  and you can just continue paying when you stop and want to restart.

just remember. never decrease your payment.... stay level or increase.

that's all folks.++

Asking someone to pay for your SS Contributions

A reader asked why her mother's contribution payments were not being displayed upon inquiry...

well, first of all, i hope that whoever they asked to pay her contributions was honest and trustworthy.

Given that the actual payor is honest, perhaps they should check the receipt and marked  (or in ye olde days, franked)  SBR that the SS number is correct.

If the SS number placed in the SBR is wrong, the payment would be unposted, that is - it will not be recorded as part of the member records.  If this happened, all is not lost, as the SBRs can be brought to SS as proof of payment, and SS will post the payments.  Make sure that you give SS copies only and that you keep the originals.  Never give up your originals.

This is the reason that I inform everyone that when you make payments, make sure that they are posted.  Even if you correctly wrote the number, you have to make sure SS posted it correctly.

Now, if there was no real payment - then, the question becomes - can she still pay.  If she is currently 59, then she still pay, since she is below 60.  Her pension will be given after she has paid 120 contributions, that is - after 10 years.  So her pension will start when she is 69.

If she had been 60 - then she can no longer be eligible.

I hope this clarifies matters.

Do you wish to complain your employer for non-remittance of SSS premiums?

many employees are afraid to report their employer to SSS
the reason?  they may get laid off as a consequence of reporting the non-remittance


what you need to do is bring copies of your payslip showing that your employer has deducted sss contributions and ask sss for a print of your contributions that would show no contributions for that period.

that is sufficient proof for non-remittance.

****

Good news - SSS increases Funeral Benefit effective for contingencies on or after 1 August 2015

The new computation of the funeral grant is as follows

Examples:

if your AMSC is 15,000 and you have worked for 300 months, then the funeral grant for you would be:

20,000 + (0.5%  x  300 x 15,000 )  = 20,000.00 + 22,500 = 40,000. because the maximum is 40,000.00

SSS Peso-Fund has started

Just wanted give a heads-up to members

The Peso-fund has started yesterday for some branches.  ASK TODAY.
Same rules.

HERE IS A COPY OF THE NEWS RELEASE;  with slight editing for readability purposes only

SSS voluntary provident fund opens enrollment

6 May 2015

SSS is now accepting enrollment applications for the Personal Equity and Savings Option (SSS-PESO) Fund program, a provident-fund scheme that aims to increase savings among SSS members, particularly for building their retirement fund.

The program is open to all members who are 54 years old and below, and have at least six consecutive contributions under the SSS regular program within the last 12 months prior to enrollment. The member’s effective date of membership commences at the month a contribution is first made to the SSS-PESO fund. “They can participate for an initial contribution of P1,000 with succeeding contributions of at least P1,000, in multiples of P100. An SSS-PESO member can contribute up to a maximum P100,000 per year,” SSS Vice President for Benefits Administration Division Agnes San Jose said. For the pilot implementation of the SSS-PESO Fund, interested members may apply at the following branches in the National Capital Region: Diliman, Cubao, San Francisco Del Monte, Pasig-Shaw, Mandaluyong, Taguig, Makati-Gil Puyat, Alabang, Legarda, Pasay-Roxas Boulevard. Members are required to personally appear before an SSS authorized representative to sign the accomplished forms for confirmation. “This procedure allows us to verify the authenticity of the document and the identity of the applicant,” San Jose explained. By September 2015, all SSS branches nationwide will accept applications to the SSS-PESO Fund. Eventually, enrollment may be done online through the My.SSS portal. The program’s guidelines which came out recently, stated that employed members, regardless of the amount of their current monthly contributions, could join the SSS-PESO Fund while self-employed, voluntary and OFW members should be paying the maximum SSS contribution to be able to contribute in the SSS-PESO Fund. The guidelines further explained that there has to be a corresponding SSS contribution on the month the member will make contributions to the SSS-PESO Fund account. Refunds, withdrawals or benefit claims will be credited to the member’s single savings or current account with an SSS depository bank. Early termination of membership is not allowed. In a previous statement, the SSS said members can enjoy higher return on their savings under the tax-free fund, which offers guaranteed earnings that are based on rates higher than those offered in a savings account or bank deposit. According to San Jose, SSS-PESO Fund contributions are invested in government securities to ensure safety and liquidity and are guaranteed to earn based on prevailing Treasury bill rates. SSS-PESO Fund savings are allocated to three accounts namely, retirement, medical, and general purpose, which covers education, housing, livelihood, and unemployment. Only the portions allotted for medical and general purpose can be withdrawn before the member’s date of retirement. A corresponding management fee will be charged for each SSS-PESO account while penalties will be charged for any withdrawals made before the fifth year of membership in the SSS-PESO Fund. SSS-PESO Fund members may also receive additional earnings depending on the actual income of the fund at the end of each year.

Have you stopped paying your SSS contributions? You can continue - no sweat - PART 2

This is part 2 of the earlier post with the same title.

Yes, you can continue to pay your contributions after you stop, even if the stop is a long time (like 10++ years).  However, if you were self-employed, you might need to be interviewed again, depending on circumstances.

Otherwise, all you need to do is pay as voluntary since you already have previous contributions.

Remember to use the new payment form for SSS Contribution payments.

this is how it looks ...

a reduced copy of the form

click to see the copy in the sss website

Reaction to the Pinay Investor post regarding ANC's coverage on maximum vs minimum SS contributions

Boy.  That post makes all the individuals in SSS seem  blind, deaf, and dumb. While there may be people there who fit this description, not all of them are bdd

First of all, abrupt increases are not allowed, while payments may be accepted, remember - accept monies, always - BUT when a claim is adjudicated, the member might find his abrupt increases disallowed and given merely a refund, and given a small pension amount.  This would just be right and proper, for his attempts to fool SSS.

First of all, how does this hypothetical person know he will live long enough to get his pension?
What if the member dies before age 55?  His beneficiaries will only get minimum benefits.  What if the member experiences illness or disability - this would depend  on his current MSC, as well as his CYS, to use SSS parlance.

So this system of paying minimum, then opting for sudden increase is NOT a correct strategy.  It can backfire when a member needs money most - in contingency cases.

So, those who attempt to cheat SSS, beware ......
   unless you are in collusion with an SSS employee

Becoming an SSS Member

Some new graduates think that paying to the SS as a volunteer member is a good thing to do so that they can get an SSS ID.

No.  One cannot start to be an SSS member by joining as a voluntary member.  If you persist, you will have problems later on when you start to claim your benefits - when you need it - so do not give yourself a headache.....

One can become an SSS member IF AND ONLY IF
             one is hired as an employee  OR
             one is self-employed

self-employed individuals are those who are in business for themselves or those who practice their profession ....

NOTE:  There are exceptions for OFWs

An SSS-related post: For pensioners

Pensioners who are missing 1984-1989 must request for Manual Verification at any SSS branch.
You cannot request through any other office except the branch

Also,the member must personally file the Request for Manual Verification at the branch.  This cannot be coursed through any other office.  Follow-ups can only be made through the filing branch, not any other office.  Complaints must be coursed through Member Relations unless the complaint is about that department.

Changes to your member records must also be done at the branch, and must be done by the member himself/herself.  Remember to get a copy of the document being received.

I hope this helps pensioners and members.

Are you an SSS Member?

Yes?  Are you sure?

If you are sure.....  Why are you sure, or maybe i should ask, how are you sure?
The only real way to be sure is to check your SSS records.

You have got to be sure that your SSS records are correct.
If any of those records are in error, i guarantee that your claims for any and all benefits will take long because SSS  scrutinizes your records for every claim that you file ..... so DO NOT WAIT for a claim to clean-up your records

This is especially true for retirement claims.

First you have to check your personal details -
Is your name spelled correctly?  Is it complete?  Some members have double or triple names and your SSS records should reflect your legal name - your entire legal name.

Have you updated your E4?  Your E4 is the form that corrects personal details -
name, birthday, status (single, married, divorced, widowed), beneficiaries.
Remember many of these changes require proof of legality and correctness

Does your employer remit the proper contributions for you?
Remember, it could be an honest error on their part - and not because they are cheating you

It behooves you to check your contributions.

Are all your employers listed in your records?

Keeping your records straight will definitely facilitate the processing of your claims,
DO NOT wait until retirement before you check ..........

Referring to HTT's post on SSS

 

Solving the trillion-peso SSS problem

click here to read HTT's post on the SSS


i thought you readers might like to take the time to read Horace T. Templo's take on the SSS unfunded liability and contribution increase issue.

Trending SSS

As an avid reader of all things SSS - i am after all, a member of good standing (meaning i am still contributing at the highest MSC even)  - well, i have to safeguard my future pension, which is why i read - or try to read everything i can about SSS.  Also, i make sure i know about the benefits.... it is important to know one's rights and privileges, after all...

i find SSS in the news.  3 issues are being discussed -

1. the Board bonus of about 1 million each
2. the sale of BGC
3. the increase in contribution - and the state of the Fund

you better believe that i watch over the state of the Fund.  i do because i want to be assured of my pension in the future.  i have a ways to go before i can have a pension

so ... here goes ...... on the state of the fund

first of all, i read the last actuarial valuation of the SSS. well, actually, i am not sure this is the last.  this was the last valuation that Horacio T. Templo (EVP) signed as Chief Actuary.  i read the draft of the next valuation, that was signed by then Deputy Actuary Rizaldy Capulong (VP).  (btw, SSS has a new Chief Actuary. His name is Conrado de la Cruz - SVP)

this is fine and good and basically explains the state of the Fund.  a lot of things are discussed in a valuation report.  As the word valuation implies, the assets of the Fund are valued or priced, and uses factors such as interest rate, interest rate trends, mortality rates (rate of dying, based on probabilities), morbidity rates (rate of diseases...), labor force and all that -

however, this is a subjectual evaluation, meaning if things such as interest rates change, the value of the funds also change.  it is therefore mandatory to re-evaluate it at specific periods. i think sss does it every 3 years, but definitely at least every 4 years as this is required by RA 8282, which is the SSS Law. .you will find words like present value in assessments of assets.

To make a long story short, one cannot take a  once-in-a-lifetime windfall to shore up reserves.  No, that is not done.  liabilities and assets must match. you cannot match say. the sale of the BGC with pensions.  one is a one-time event, the other is a forever (or almost forever, when taken in bulk) stream of money out.
Do you know how much SSS pays in benefits?

tbc......

Increase in SSS Contributions

Do you remember PNoy's SONA wherein he indicated his approval of the increase in SSS Contributions?

PNoy said it was going to be 11% instead of 10.4%, and the Monthly Salary Credit would increase to 16,000 instead of 15,000.

methinks it will be implemented soon, perhaps in January 2014 so that Voluntary Members such as OFWs, and Self-Employed Members (SE/VM) would not have to adjust their advanced payments for this year.

Those who paid for more than one year would have to pay adjustments otherwise SSS may reduce the MSC by one step so that there are no underpayments.  Also, those employers who are using Excel spreadsheets for their payroll need not adjust anything for the year.

So, if you were paying at the 15K MSC, which is 1,460.00 - it would now be 1,650 and if you wanted to continue to pay at the maximum level, it would now be 11% times 16,000 or 1,750 pesos.

Watch out for the SSS Announcement!!

Horace Templo's Column on the SSS initiatives: Circular 2013-003 on Age 65 and over and The AlkanSSSya Program

Please read HTT's column today on two hot issues of SSS -  very meaningful discussion from the former Chief Actuary of the Social Security System.



Horace T. Templo's Manila Standard column/post on the new SSS issues: The AlkanSSSya and Age 65 and Up Circular No. 2013-003

Two Saturdays left for the SSS Kasambahay-Householder Registration

This is just to remind those who read my blog for my inputs on various stuff  that there 2 Saturdays left for the registration (and payment if you so desire) for kasambahays and householders.

Tomorrow, June 22 and on Saturday, 29 June.

take advantage of the relatively shorter lines since only kasambahay transactions will be entertained by SSS

Kasambahay Bill takes effect 3 June

so.  you must pay for the SSS contributions of your kasambahay.
BUT, did you know that you are required by SSS to pay for your kasambahay as early as 1993?
1 September 1993 to be exact

This was under the administration of   Renato Valencia , Circular 21-V and was backed up by RA7655.
i will be updating this with a link to a copy of  RA7655

So if you had a kasambahay then who is still your kasambahay now, then you are liable to pay for SSS since then.

anyway.

at present -
household employers must get their household employer SSS number.  the old system of using the household employer's personal SSS number is no longer correct.  however this is easy enough to do as the nearest SSS branch will give the householder their household employer SSS number by simply submitting SSS Form R-1, which is the Employer Registration Number.  technically, the householder should get a Registration Certificate as proof that he is paying for his or her kasambahay(s)


the kasambahay MUST have an SSS number. If he or she does not have a number then, then he must apply by accomplishing SSS Form E-1, which is the Personal Record Form, supported by a copy of 1 primary or 2 secondary documents to prove identity.  The original must be presented likewise.

Otherwise, the kasambahay cannot avail of benefits since his or her membership is only temporary until legal proof of identity is presented.  the burden of proof is ON the kasambahay, NOT the household employer.

however, the household employer can use the temporary number to report and pay for contributions.

Reporting and Paying for your kasambahay is easy - you as household employer need to use the SSS Form R1-A, called Employment Report Form.  You also need to submit an accomplished SSS Form L-501, or Specimen Signature Card.

The date of coverage should be the same as the start of service of your kasambahay.  If for some reason,  the date of coverage is after the start of service then you would have to also submit a Statement of the Monthly Salaries of your kasambahay(s).  This will be evaluated and you will be billed, with penalties at 3% per month..

payment....

SCHEDULE OF PAYMENT

If 10th digit of the 13-digit ER Number Ends in:	Payment Deadline (Following the applicable month)
1 or 2	10th day of the month
3 or 4	15th day of the month
5 or 6	20th day of the month
7 or 8	25th day of the month
9 or 0	Last day of the month

take note when your SSS Employer number is supposed to pay -

Use the Contributions Payment Return Form (SSS Form R-5) to pay monthly.

Remember, payment is monthly, reporting can be quarterly through 

Contributions Collection List (SSS Form R-3), together with a copy of the 

 SSS Form R-5 (machine-validated or with Special Bank Receipt).

 


Click here for the downable form page of the SS website

Part 2. All member aged 65 and over who lack 120 contribs

This is part 2.








Click here to read SSS Circular-2013-003.pdf

please read as it will affect all would-be pensioners as above.
comment if you have questions