The Social Security System (SSS) is eyeing to provide social security coverage to 4.4 million beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps).
According to a statement yesterday, SSS president and chief executive officer Rolando Macasaet and Department of Social Welfare and Development (DSWD) secretary Rex Gatchalian recently inked a Memorandum of Agreement (MOA) that will allow 4Ps beneficiaries nationwide to become SSS members and have access to social security benefits.
Under the agreement, Macasaet said SSS will develop an AlkanSSSya Program specifically designed for 4Ps beneficiaries.
The program was established in 2011 as a micro-savings scheme for self-employed workers with irregular income, such as tricycle drivers, market vendors, farmers, fisher folks and other workers in the informal economy.
“We may also craft a special SSS contribution table for 4Ps beneficiaries tailored to fit their paying capacity considering the current minimum monthly contribution of P570,” Macasaet said.
“It is important for 4Ps beneficiaries to have SSS contributions. Once they have paid at least 120 monthly contributions, they will no longer need financial support from the government because they will become qualified to receive a monthly pension from SSS upon reaching 60 years old,” he added.
Macasaet said SSS will discuss corporate social responsibility programs with businesses to subsidize the SSS contributions of 4Ps beneficiaries.
“We have a Contribution Subsidy Provider Program, wherein a private or government individual or group can subsidize the monthly contributions of identified SSS members. We will pitch to companies willing to sponsor SSS contributions to subsidize the monthly premiums of 4Ps beneficiaries,” Macasaet said.
He said SSS will study the possibility of reducing the minimum monthly contribution from P570 to a much more affordable amount.
“Our SSS Actuarial Team will check out if it is possible to have a lower monthly contribution specifically for 4Ps beneficiaries. For the poorest families like 4Ps recipients, paying P570 a month might already be a big amount. They might not be able to complete the minimum monthly contributions required to qualify for a lifetime pension,” he added.
However, Macasaet noted that a reduced monthly premium will result in a much lower benefit.
He said another option is to pay a reduced monthly premium for a longer period than usual to receive a lifetime pension.
All these options are still at the exploratory stage, with SSS and DSWD still work on the implementing guidelines for the social security coverage of 4Ps beneficiaries.
“We will immediately work on the appropriate mechanism for registration, contribution collection, benefit claims and other essential details needed to implement the program knowing the importance of SSS membership to 4Ps beneficiaries,” Macasaet said.
Gatchalian, however, clarified that the 4Ps beneficiaries’ contribution to the SSS will be voluntary because the cash grants cannot be used to pay their SSS contributions since it is intended for health, education and the rice subsidy.
