SSS Eyes Unemployment Benefit For Members

The Social Security System (SSS) is eyeing to include unemployment insurance for its members as part of its proposed SS Reform Act of 2017, said Social Security Commission Chairman Amado D. Valdez.

He added that SSS is studying the feasibility of providing benefits for member who are unemployed, without fault of their own as part of the proposed charter amendment.

According to Valdez, “The partnership between private insurance companies and the SSS will ensure that SSS members who are unemployed, without fault on their own, will be given the necessary benefits to cover for situations where no employment is available.”

“The vision for an unemployment insurance program enlivens the principle of patria potestas, which the SSS exercises over its members,” he added.

The proposal has received positive response from representatives of the International Labor Organization (ILO), Department of Labor and Employment, Insurance Commission (IC) and Insular life during a recently conducted exploratory meeting.

The unemployment rate in July 2017 was estimated at 5.6% according to data from Philippine Statistics Authority.

Source: Rappler File Photo

International Labor Organization Representatives Hideki Kagohashi and Khalid Hassan added that SSS should further look into some factors to ensure the efficient implementation of the program. The mutual fund should consider the coverage protection, the qualifying conditions to the program, the duration of the benefit, the type and level of benefit, the institutional set-up, and the conduct of actuarial studies for both SSS and the potential private insurance company.

Valdez reiterated the chances of workers becoming unemployed in the future are becoming higher due to the use of artificial intelligence (AI) or robots performing human tasks.

“That’s the fear we have at SSS. Paano na ang mga kababayan natin kung andyan na ang mga robots? Sa Japan, wala nang nagtatrabaho sa kanila, that’s why they are trying to perfect a robot na pwedeng utusan,” Valdez said.
“We have to have unemployment insurance so that, when you lose your job to a robot, you can be retrained to do other jobs.” he added.

Under the proposed unemployment insurance program, the individual who lost his or her job would be given enough funds for retraining or developing other skills to get employed.

Valdez said that the SSS benefits from it because, if workers are not working, then their contributions would also stop. This may result to the cessation of the organization.

SOURCE: Business Mirror Ph –
Rappler –

Do you know that you can contribute to SSS even if you do not have an employer? Here is how to become a VOLUNTARY SSS MEMBER.