Below is a short list of benefits that you can avail in return for your monthly SSS deductions:
Source: SSS website
For instance, a person earning Php10,000 will have a contribution of Php1,100. Out of this amount, only Php363.30 will be paid by the employee. The remaining Php736.70 (+ Php10 for employee compensation or EC fee) will be shouldered by the employer.
This computation can become more complex on the end of employers as the company grows bigger and as salaries adjust every now and then because of promotions and other changes that necessitate salary adjustments. To help make the computations easier and simpler, employers can choose to use payroll software such as Sprout Payroll. This will automate SSS computation while providing employees with a pay slip format that they can easily understand.
- Retirement benefit - provided to a member who retires from work (in either lump sum or monthly pension)
- Disability benefit - provided to a member who can no longer work due to disability (in either lump sum or monthly pension)
- Death benefit - provided to a beneficiary of a deceased member (in either lump sum or monthly pension)
- Funeral benefit - provided to the person who paid for the funeral of a deceased member (up to Php20,000)
- Maternity benefit - provided to a female member who cannot report to work due to either the birth of a child or miscarriage (in the form of daily cash allowance)
- Sickness benefit - provided to a member who cannot report to work due to sickness or injury (in the form of daily cash allowance, depending on the number of days of leave)