Philippine Social Security Act

Republic Act No. 11199

• The Act is also known as the "Social Security Act of 2018"
• It aims to establish, develop, promote, and perfect a sound and viable social security system in the Philippines

Declaration of Policy

• The State's policy is to ensure social justice through savings and provide meaningful social security protection to members and their beneficiaries
• The policy aims to protect Filipino workers, local or overseas, and their beneficiaries against the hazards of disability, sickness, maternity, old age, death, and other contingencies resulting in loss of income or financial burden

Social Security System

• The Social Security System (SSS) is a corporate body with principal place of business in Metro Manila, Philippines
• The SSS shall function and operate as an independent and accountable government-owned and -controlled corporation (GOCC) within the corporate governance standards and principles of Republic Act No. 10149 (GCG Law)
• The SSS is directed and controlled by a Social Security Commission, composed of the Secretary of Finance as ex officio Chairperson, the SSS President and Chief Executive Officer as Vice-Chairperson, the Secretary of Labor and Employment, and six appointive members

Social Security Commission

• The Commission has six appointive members, three representing the workers' group and three representing the employers' group
• The members are appointed by the President of the Philippines and shall have known competence, probity, integrity, and recognized expertise in social security, pension fund, insurance, investment, banking, and finance, economics, management, law, or actuarial science
• The members shall have at least ten years of managerial or leadership experience
• The term of office of the regular appointive members is three years, which can be extended for another term of three years