The Social Security System (SSS) said Aug. 22 that it aims 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.
SSS president and chief executive officer Rolando Ledesma Macasaet, who recently signed a memorandum of agreement with Department of Social Welfare and Development (DSWD) Secretary Rex Gatchalian, said that under the MOA, the two agencies will work together to protect the welfare of the most vulnerable sectors of society, including those families benefitting from the conditional cash transfer program.
Under the agreement, an AlkanSSSya program specifically designed for 4Ps beneficiaries would be developed, and other contribution payment options would be explored, depending on a 4Ps beneficiary’s capacity to pay.
The AlkanSSSya program was established in 2011 as a micro-savings scheme for self-employed workers with irregular income, such as tricycle drivers, market vendors, farmers, fisherfolk, and other workers in the informal economy.
Macasaet said SSS is 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,” he said in a statement, adding the state-run insurer would also discuss corporate social responsibility programs with businesses to possibly subsidize the contributions of 4Ps beneficiaries.
“We have a contribution subsidy provider program (CSPP), where a private or government individual or group can subsidize the monthly contributions of identified SSS members. We will pitch to companies willing to sponsor SSS contributions to subsidize the monthly premiums of 4Ps beneficiaries,” Macasaet explained.
He also said the SSS will study the possibility of reducing the minimum monthly SSS contribution from P570 to a much more affordable amount.
However, Macasaet 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.”
Another option is to pay a reduced monthly premium for a longer period to receive a lifetime pension.
He said all these options are still at the exploratory stage, adding that “SSS and DSWD will still work on the implementing guidelines for the social security coverage of 4Ps beneficiaries.”
“We will immediately work on the appropriate mechanism for registration, contribution collection, benefit claims, and other essential details needed to implement the program, knowing the importance of SSS membership to 4Ps beneficiaries,” Macasaet stressed.
Gatchalian, meanwhile, 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 rice subsidy.
Gatchalian added that the DSWD will integrate the value of SSS membership during the 4Ps Family Development Sessions (FDS), an activity attended by 4Ps parents every month. In these sessions, 4Ps beneficiaries share their knowledge and experience and promote learning on good parenting practices, financial literacy, and disaster risk preparedness, among others. ||
