Sunday, Jun 23, 2024
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The value of insurance for the people of the Philippines

Article - December 9, 2011
The SSS is working hard to extend social security protection to all Filipino workers and their beneficiaries
It is the duty of the state to operate a mechanism that provides protection to its people. The SSS in the Philippines was created in 1948, designed for wage earners and low-salaried employees. Later it evolved, and the government also adopted the social insurance approach to social security, covering the employed segment of the labor force in the private sector.

The SSS administers social security protection to workers in the private sector. Meanwhile, the Government Service Insurance System (GSIS) takes care of workers in the public sector.

The SSS administers two programs namely:
  • The Social Security Program (it provides replacement income for workers in times of death, disability, sickness, maternity and old age).
  • The Employee’s Compensation Program (it provides double compensation to the worker when the illness, death or accident occurs during work-related activities).

It is the policy of the State to establish, develop, promote and perfect a sound and viable tax-exempt social security system suitable to the needs of the people throughout the Philippines which shall promote social justice and provide meaningful protection to members and their families against the hazards of disability, sickness, maternity, old age, death and other contingencies resulting in loss of income or financial burden. Toward this end, the State shall endeavor to extend social security protection to workers and their beneficiaries.