Social Protection for Inclusive Growth
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- Cecily Glenn
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2 Social Protection for Inclusive Growth Presented by: EMILIO S. DE QUIROS, JR. President and CEO Social Security System
3 The Need for Inclusive Growth o Persistent poverty o Growing levels of inequality o Joblessness 3
4 Social Protection Crucial to Inclusive Growth Designed to reduce poverty Protection against hazards and loss of income Helps manage life events and risks such unemployment, sickness, disability & old age In sum, Social Protection systems not only protect people during times of economic crisis, but represent an investment in future growth. *Source: Asian Development Bank 4
5 Layers of Social Protection Voluntary, privately managed pension system for higher income brackets (occupational pension plans: insurance/pre-need) Mandatory, publicly-managed, defined-contribution system to augment second layer of social protection (HDMF) Mandatory, publicly managed, defined-benefit system to provide safety net to workers (SSS, GSIS, PhilHealth) Welfare Program social assistance for the underprivileged (DSWD, PhilHealth, PCSO, PVAO) 5
6 01 The Role of the Social Security System: Social Protection for the Filipino
7 Who are covered? All private-sector workers Not over 60 yrs. old With at least P1,000 monthly income Compulsory Employed Self-employed (SE) Voluntary Separated employees Non-working spouses Overseas Filipino Workers (OFWs) Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
8 What are the benefits provided? LONG-TERM SHORT-TERM Contributions finance all these benefits Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
9 Lifetime Benefits Even For Member s Beneficiaries SSS Monthly Contributions Retirement Benefit Survivor s Pension to Beneficiaries Disability & Death Benefit (With at least 36 monthly contributions) Maternity & Sickness Benefit (With at least 3 monthly contributions) Funeral Benefit (With at least 1 monthly contribution) SSS helps members beyond their own lifetime as benefits are extended to their beneficiaries (e.g. spouse and dependents of minor age). B E N E F I T S Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
10 02 Value of SSS Membership
11 Death Benefits 25 y.o. 35 y.o. 45 y.o. 55 y.o. 65 y.o. Member dies; only 1 contribution Contributions Pensions (5 years) Min P 550 P 44,000 Max P 1,760 P 96,800 Up to 80x in return (inclusive of P 20,000 funeral grant) Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
12 Sickness Benefits 25 y.o. 35 y.o. 45 y.o. 55 y.o. 65 y.o. Member gets sick for 120 days; with 3 contributions Contributions Up to 5x in return Cash Allowances Min P 1,650 P 9,000 Max P 5,280 P 28,800 Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
13 Maternity Benefits 25 y.o. 35 y.o. 45 y.o. 55 y.o. 65 y.o. Female member gives birth; with 3 contributions Contributions Min P 1,650 Max P 5,280 Up to 4x in return Cash Allowances P 5,000/ P 6,500 P 16,000/ P 20,800 Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
14 Partial Disability Benefits 25 y.o. 35 y.o. 45 y.o. 55 y.o. 65 y.o. Member is partially disabled for 2 years; with 36 contributions Contributions Up to 3x in return Pensions (2 years) Min P 19,800 P 65,000 Max P 63,360 P 179,400 Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
15 Total Disability Benefits 25 y.o. 35 y.o. 45 y.o. 55 y.o. 65 y.o. Worker is totally disabled; with 36 contributions Contributions Up to 8x in return Pensions (5 years) Min P 19,800 P 162,500 Max P 63,360 P 448,500 Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
16 Total Disability Benefits 25 y.o. 35 y.o. 45 y.o. 55 y.o. 65 y.o. Member dies and has primary beneficiaries; with 36 contributions Contributions Pensions (5 years) Min P 19,800 P 150,000 Max P 63,360 P 436,000 Up to 8x in return (inclusive of P 20,000 funeral grant) Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
17 Retirement Benefits Member with 20 Years of Service 25 y.o. 35 y.o. 45 y.o. 55 y.o. 65 y.o. Becomes SSS member Reaches compulsory retirement Contributions Pensions Min P 132,000 P 624,000 Max P 422,400 P 1,724,000 Up to 5x in return Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
18 Benefit Value per Peso Contribution Credited Service: 20 Years Pension Period: 20 Years Minimum Maximum Contributions Paid P 32,744 P 137,328 Last Monthly Contribution P 550 P 1,760 Benefits Received P 644,000 P 1,678,800 Monthly Pension P 2,400 P 6,380 Contri-Benefit Ratio P 1 : P 20 P 1 : P 12 Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
19 03 Reaching Out for Inclusive Growth
20 Increased Membership In Millions Type of Member Dec 2010 Apr 2015 Employed Self-Employed Voluntary OFW TOTAL Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
21 Reaching Out for Inclusive Growth Expanding Membership to Other Workers Self-Employed - thru workers associations & informal sector groups (e.g. TODA, market vendors, jail inmates) - Professionals (e.g. Insurance Commission, Phil. Institute of Civil Engineers) Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon! Job-Order/Contractual Workers (e.g. DILG, DSWD, MMDA & MIAA) Members of Cooperatives & Microfinance Institutions Agricultural Sector Farmers & Workers thru a Subsidy Program Workers living in Unbanked Areas (Alabat, Perez & Quezon)
22 Reaching Out to More OFWs Increased number of OFWmembers (9% annually) - As of Dec ,864 - As of Dec ,028,252 Conducted OFW forums worldwide Social Security Agreements (SSAs) with 7 European countries and Canada; 3 SSAs for ratification, more under negotiation Launched the OFW Contact Center Unit Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
23 SSS Made More Accessible Here and Abroad Branch Network LOCATION Dec 2010 As of Dec 2014 NCR Luzon Visayas Mindanao Foreign 13 21* TOTAL In 2014, opened 25 branches, 13 service offices and 3 foreign representative offices Service Offices in malls nationwide: Davao San Jose Del Monte, Bulacan Gensan Urdaneta Sta. Maria, Bulacan & Makiling, Laguna Paso De Blas, Valenzuela *Including POEA Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
24 04 Latest Benefit Enhancements
25 Increase in Funeral Benefits From a fixed amount of P20,000 to a variable amount ranging from a minimum of P20,000 to a maximum of P40,000 based on the number of contributions and average monthly salary credit New formula for funeral benefit: Php20,000 + (0.5% x Number of Contributions x Average Monthly Salary Credit) 25
26 Sample Cases Illustrating Funeral Benefit Increase Years of Employment < Average Monthly Salary Credit Minimum Funeral Benefit 1,000 4,000 6,000 6,000 14,000 16,000 20,000 No. of Contributions Additional Funeral Benefit TOTAL Funeral Benefit 5 5,000 10,020 15,000 17,500 20,000 20,005 25,000 30,020 35,000 37,500 40,000 26
27 Voluntary Provident Fund for SSS Members SSS P.E.S.O. FUND A voluntary provident fund enabling members to save their excess earnings providing: Tax-free earnings and increased retirement benefits; Contributions placed in gov t securities Guaranteed earnings 27 Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
28 05 Strengthening the Social Security System
29 What is the Life of the SSS Fund? Ultimate goal: Gradually back to perpetuity With Reform Agenda Funds to last until 2042 In 2007: Funds to last until 2039 In 2003 : Funds to last until 2031 In 1999: Funds to last until 2015 In 1980: Funds to last in perpetuity (70 years based on international standard)
30 06 Facts you should know
31 Fact 1 SSS is a defined benefit vs. a defined contribution system Benefits are pre-determined using a formula based on the number of contributions paid and the MSC, NOT the peso amount/value of contributions and the earnings of SSS. These defined benefits created a wide gap between the amount of contributions collected and the benefits given to the members.
32 Fact 2 The contribution rate increase will reduce the unfunded liability Without Reform Agenda WITH Reform Agenda 70% 30% Unfunded Liability (1,077 B) 8% Assets (294 B) 62% Present Value of Contributions (2,249 B) 100% Present Value of Benefits/ OPEX (3,621 B) 75% 25% Unfunded Liability (908 B) 8% Assets (294 B) 67% Present Value of Contributions (2,468 B) 100% Present Value of Benefits/ OPEX (3,671 B) *Based on 2011 Actuarial Update
33 Fact 3: The magnitude of unfunded liability is not a constant amount and will continue to grow annually The actuarial study assumes an 8% discount rate to value both the contributions and benefits to year Inversely, the unfunded liability will also grow by 8% annually. Thus: Php 908 B x 8% = Php 73 B annually What will be the prospective profile of the Philippine population in the coming years? The Aging Population of the Philippines* People aged 60 and up is the fastest growing segment and even exceeding the country s overall growth rate 16% 12% 15 We have to strengthen our capability of providing future benefits of the members who will eventually become retirees No. of 60 yrs old & up (in millions) % of Total Population 8% 4% 0% *Source: Philippine Statistics Authority, NSCB
34 Fact 4: The cause of the growth of the unfunded liability Unfunded liability continually grew due to frequent increases of pension benefits. Pension increases consequently affect the financial resources of the fund given the commitment to providing increased benefits to members. Currently, SSS has 1.9* million pensioners, paying an estimated Php 92 B** annually. *No. of Retirement, Death & Disability Pensioners as of Mar 2015 **Amount paid to pensioners Jan Dec 2014
35 Fact 5: The unfunded liability is not a reflection of the financial performance of SSS In Billion Pesos P44.5 P38.4 P4.6 Ave 8 Billion Net Revenue Ave 33 Billion Net Revenue Average annual net revenue increased from P8 Billion (2000 to 2009) to P33 Billion (2010 to 2014). Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
36 Fact 6 Monthly pension is highly dependent on the Monthly Salary Credit (MSC) and number of contributions SSS Pension formula: The highest of PHP % of average MSC 1 + 2% of the average MSC for each CYS 2 in excess of 10 years 40% of average MSC Minimum guaranteed pension Retirement PHP 1,200/month if 10 < CYS < 20 PHP 2,400/month if CYS > 20 Disability & Death PHP 1,000/month if CYS < 10 PHP 1,200/month if 10 < CYS < 20 PHP 2,400/month if CYS > 20 1 Monthly Salary Credit 2 Credited Years of Service
37 Fact 7: The contributions paid to SSS are not an expense but in reality savings for the future Common misconception: Contributions are expenses similar to electric and water bills The amount of benefits received are a lot bigger than the amount of contributions If not eligible for pension, total contributions are returned to member plus interest. Buti na lang may SSS! Aming kontribusyon, ipong nagbibigay proteksyon!
38 End of presentation. Thank you.
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