THE Social Security System (SSS) wants to provide social security protection to 4.4 million beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps) nationwide through a 4Ps version of its AlkanSSSya Program.
The SSS and the Department of Social Welfare and Development (DSWD) recently inked a Memorandum of Agreement that will allow 4Ps beneficiaries nationwide to become SSS members and have access to social security benefits.
“SSS aims to provide these vulnerable sectors with the mechanism to become active SSS members and thereby secure their future through the range of SSS benefits,” said SSS president and chief Rolando Ledesma.
Under the agreement, Macasaet explained that SSS shall 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, fisherfolks 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.
SSS is also exploring several options to help 4Ps beneficiaries pay the 120 monthly contributions required to qualify for a lifetime pension when they reach retirement age.
“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,” Macaset said.
He said that 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 SSSmembers. We will pitch to companies willing to sponsor SSScontributions to subsidize the monthly premiums of 4Ps beneficiaries,” Macasaet explained.
Affordable contribution
Moreover, Macasaet said SSS will study the possibility of reducing the minimum monthly SSS contribution from P570 to a much more affordable amount. But he noted that a reduced monthly premium will result in a much lower benefit.
“Currently, SSS members who paid the minimum monthly premium of P570 for 120 months or 10 years will receive a lifetime pension of about P2,200 monthly. 4Ps beneficiaries who will be paying at a reduced monthly premium, let’s say for 120 months, will get a lifetime pension much lower than P2,200 per month,” he explained.
Macasaet said another option is to pay a reduced monthly premium for a longer period than usual to receive a lifetime pension.
“SSS members who paid the minimum of P570 monthly contributions for 120 months shall receive a lifetime pension of P2,200 monthly. For 4Ps beneficiaries, we could lower their monthly premiums, but they must contribute much longer so they get the same amount of benefit. For example, 4Ps beneficiaries have to contribute for 180 months to get the minimum monthly pension of P2,200,” he added.
He said all these options are still at the exploratory stage, adding, “SSS and DSWD will still work on the implementing guidelines for the social security coverage of 4Ps beneficiaries.”
DSWD Secretary Rex Gatchalian 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. / KOC