The SSS is a social insurance institution. It provides and administers a pension fund for workers in the private sector that has the following social security benefits: sickness, retirement, maternity, disability, death, funeral, and employee’s compensation.
(Source: SSS website)
SSS Programs for Overseas Filipinos
As SSS members, overseas Filipinos have access to a two-tiered social security protection:
- Regular Coverage Program(since August 1995), which is a voluntary defined-benefit social insurance scheme, serving as a safety net in times of contingencies; and
- Flexi-fund Program(since July 2001), which is a voluntary defined-contribution, individual-account scheme, serving as a tax-exempt pension-savings plan on top of the regular coverage program.
Regular Coverage Program
The program is open to all overseas Filipinos, not over 60 years old, who have been recruited in the Philippines by foreign-based employers for work abroad, or may have legitimately gained entry in a foreign country and are eventually employed. Coverage takes effect upon registration and payment of first contribution.