The Social Security System (SSS) said it released P178 million worth of benefits in 2019 under its unemployment benefit or involuntary separation insurance program.
Aurora Ignacio, SSS president and chief executive officer, said in a statement yesterday the pension fund received 15,151 unemployment benefit applications in 2019, of which 14,895 were approved.
The unemployment benefit program, which is one of the key features of Republic Act 11199 or the Social Security Act of 2018 which took effect on March 5, 2019, is the newest among the benefits being offered by SSS.
It allows qualified SSS members who are involuntarily separated from work to claim for a cash allowance equivalent to two times his average monthly salary credit.
Since its implementation in August 2019, the bulk of the unemployment benefit applications were received in October, with 4,596 approved applications which corresponded to P54.61 million released to qualified members, the pension fund said.
“We are hoping that with the newest benefit, we will help more SSS members during times of unexpected job loss. The program was patterned after the unemployment benefit program in European countries,” Ignacio said.
“Our primary objective is to assist them while they are looking for another job after they were involuntarily separated from their work. They may also use the benefit for their retooling and capacity building to find a better job or work that will suit their skills,” she added.
To qualify for unemployment benefit, members must not be more than 60 years old at the time of involuntary separation, except for underground and surface mineworkers, and racehorse jockeys whose age should not be more than 50 and 55 years old, respectively.
“The unemployment benefit can be claimed only once every three years starting from the date of involuntary separation from work,” Ignacio said.
