[8] Statutory Monetary Benefits - SSS Benefits, Pag-IBIG Benefits

From St. Ven's Notes

SSS Benefits

• Composed of package of benefits under the SSS in the event of death, disability, sickness, maternity, old age, and unemployment

• Social security provides replacement for income lost on account of aforementioned contingencies

SSS Benefits’ Coverage

Covers all employees including kasambahays or domestic workers not over 60 years of age and their employer

Sickness Benefit

SSS BENEFITS PROVIDED THAT CONTRIBUTIONS ARE PAID REGULARY

Daily cash allowance paid for the number of days a member is unable to work due to sickness or injury

Maternity Benefit

SSS BENEFITS PROVIDED THAT CONTRIBUTIONS ARE PAID REGULARY

Daily cash allowance granted to a female who is unable to work due to childbirth or miscarriage/emergency termination of pregnancy

Retirement Benefit

SSS BENEFITS PROVIDED THAT CONTRIBUTIONS ARE PAID REGULARY

Cash benefit granted - either as monthly pension or lump sum amount - to a member who can no longer work due to old age

Disability Benefit

SSS BENEFITS PROVIDED THAT CONTRIBUTIONS ARE PAID REGULARY

Cash benefit granted - either as monthly pension or lump sum amount - to a member who becomes permanently disabled, either partially or totally

Death Benefit

SSS BENEFITS PROVIDED THAT CONTRIBUTIONS ARE PAID REGULARY

Cash benefit granted - either as monthly pension or lump sum amount - to the beneficiaries of a deceased member or pensioner

Funeral Benefit

SSS BENEFITS PROVIDED THAT CONTRIBUTIONS ARE PAID REGULARY

Cash benefit given to whomever paid for the burial expenses of the deceased member or pensioner

Unemployment Benefit

SSS BENEFITS PROVIDED THAT CONTRIBUTIONS ARE PAID REGULARY

Cash benefit granted to eligible employees (including househelpers and OFWs) who were involuntarily unemployed or separated from employment

SSS Benefit’s Contribution

Minimum salary credit increased to P4,000 and maximum to P30,000

Home Development Mutual Fund

Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno (Pag-IBIG), is a GOCC that provides the Filipino workers access to a secured savings and affordable home financing

Pag-IBIG Benefits Coverage

Membership is mandatory for all employees covered by the SSS and GSIS; uniformed members of AFP, BFP, BJMP, and PNP; and Filipinos employed by foreign-based employers

Pag-IBIG Programs and Benefits

• Provident Savings

• Short-Term Loans

• Home Financing

Other Pag-IBIG Programs and Benefits

• Pag-IBIG Loyalty Card Plus

• Virtual Pag-IBIG for Members

• Virtual Pag-IBIG for Developers

• Virtual Pag-IBIG for Employers

• Virtual Pag-IBIG Mobile App

Pag-IBIG Regular Savings

PAG-IBIG PROGRAMS AND BENEFITS

• Monthly mandatory membership savings

• Gives members high annual dividend earnings

• Contribution is minimum P100 from monthly income, while employers match their contributions with a share of P100

• Members can withdraw savings and dividend earnings upon retirement or after 20 years or equivalent to 240 monthly contributions

Modified Pag-IBIG 2 (MP2) Savings

PAG-IBIG PROGRAMS AND BENEFITS

• Voluntary savings facility opens to all active Pag-IBIG members who wish to save more and earn higher dividends in addition to regular savings

• 5-year maturity period

• Members can contribute as low as P500 per remittance

• Divided earned are tax-free and can be withdrawn annually or after the 5-year maturity period

Pag-IBIG Multi-Purpose Loan

PAG-IBIG PROGRAMS AND BENEFITS

• Qualified members can borrow up to 80% of their total Pag-IBIG Regular Savings (includes monthly contributions, employer contributions, and accumulated dividends earned)

• Loan is payable in 24 or 36 monthly installments at a low interest rate of 10.5% per year

Pag-IBIG Calamity Loan

PAG-IBIG PROGRAMS AND BENEFITS

• Provide immediate financial assistance to members affected by calamities and are residing in areas declared under State of Calamity

• Members may borrow up to 80% of total Pag-IBIG Savings

• It is offered at a rate of 5.95% per annum and is payable over a period of up to 3 years, with a grace period of 3 months

Pag-IBIG Housing Loan

PAG-IBIG PROGRAMS AND BENEFITS

Allows members to borrow up to P6 Million at low interest rates with borrower-friendly terms, and a max repayment period of up to 30 years

Pag-IBIG Affordable Housing Loan for Minimum-Wage Earners

PAG-IBIG PROGRAMS AND BENEFITS

• Designed for members who earn up to P15,000 a month within the NCR and earn up to P12,000 per month outside the NCR

• Offers a subsidized rate of 3% per annum for home loans up to P580,000 in socialized subdivision projects and special low rates for home loans of up to P750,000 for socialized condominium projects

Pag-IBIG Home Equity Appreciation Loan (HEAL)

PAG-IBIG PROGRAMS AND BENEFITS

• Low-interest loan for members with updated payments for Pag-IBIG Housing Loan

• Eligible members can borrow an amount based on the net value of their mortgaged property with Pag-IBIG Fund to help fund life goals

Pag-IBIG Home Saver Programs

PAG-IBIG PROGRAMS AND BENEFITS

Provides options to Pag-IBIG Housing Loan borrowers who have missed payments to update their accounts and save their homes from foreclosure

Direct Developmental Loan

PAG-IBIG PROGRAMS AND BENEFITS

Provides loan financing for property/real-estate developers/proponents to develop residential subdivisions or medium-rise residential buildings, and housing units eligible for mortgage financing under Pag-IBIG Housing Loan

Direct Developmental Loan Program for the Pambansang Pabahay Para sa Pilipino Housing (4PH) Program

PAG-IBIG PROGRAMS AND BENEFITS

• Provides access to affordable financing mechanism for property developers, LGUs, contractors, and joint venture entities for the development of residential subdivision/condominium housing projects, and construction of housing units

• Aims to help reduce the 6 million housing backlog of the country

Rental Housing Construction Loan

PAG-IBIG PROGRAMS AND BENEFITS

• Financing facility which may be used to fund the site development and construction of residential units meant for rental housing

• May include staff houses, dormitories, and other similar dwellings

• Open to employers, whether private or from government

Monthly Pag-IBIG Compensation

Refers to the basic salary and other allowances, where basic salary means wages received in a month

Pag-IBIG Membership Contribution

• Maximum monthly compensation to be used in computing employee and employer contributions shall not be more than P5,000

• Employers shall remit 2% of the monthly compensation of the contributing member as counterpart contribution

  • They are not entitled to deduct from wages of the employee

• Full-time spouses who volunteer to be covered by Pag-IBIG membership shall contribute 1/2 of the monthly compensation income of the employed spouse

  • Full-time spouse shall not be required to pay the employer’s contribution

• In the case of two or more employers, member shall contribute monthly to the fund a percentage of their monthly compensation per employer, which shall be matched by respective employers