Type of
Territory
moasure
Title of legislation/
sche me
Coverage
The
Philippines
Social insurance
Social Security Law (Republic Act No. 1161 as amended by Sec. 1, Presidential Decree No. 24-84 1972)
All employed persons aged not over 60.
Source of funds
Qualifying conditions
Benefits
Table '9
Administrative organisation
Remarks
Insured
person:
About 2.5- 3% of
earnings
according
to 10 wago
classes.
Employer:
About 4% of...
pay-roll,
according
to 10 wage classes.
Government:
Any deficit.
The above
contributions also finance sickness benefit.
(Details of
rates of contribut- ion at Appendix XV)
For retirement benefit:
Aged 60 & over, has paid 120 monthly contributions
Receiving less than 250 pesos monthly if still employed over 60 years of age
For permanent disability
benefit:
Has paid 18, monthly cor- tributions during the last 36 months; or has contributed for 80% of the months since taken up insurance.
For death benefit:
Same as permanent disability benefit.
Retirement benefit:
45% of first 300 pesos of averag: monthly salary credit, 25% of second 300 pesos and 9% of each succeeding 100 posos; plus 1/10 of 1% of average monthly salary credit for each monthly contribution beyond 120 contributions.
Minimum: 45 pesos per month.
Lump sum payment to those not qualified for retire- ment benefit at 60:
refund of contributions
paid by the insured person and employer:
Disability benefit:
Lump sum equivalent to 12 highest monthly salary credits during last 36 months; or twelve times the average monthly salary credit divided by the payment ratio, whichever is higher.
Minimum: 500 pesos.
If the disability is partial but permanent, such percentage of the above benefit as the Social Security Commission may determine according to the degree of disability.
Death benefit:
Same as permanent disability benefit.
Minimum: 500 pesos
Social Security Comission which consists of the Secretary of Labour,
representatives of employers,
: employees and the general public.
Government employees are covered separately by the Government Service Insurance Syston.
Monthly salary credit means the appropriate midpoint salary of a salary bracket.
Average monthly salary credit means approximately the average of the monthly salary credits in the 60
month period inmediate- ly preceding retirement due to old age or total disability by 60.
Payment ratio means the number of monthly contributions in a given period divided by the number of calendar months in that same period.
*