The state-run social insurance for private workers Social Security System (SSS) said Thursday that it is “prepared” to release P1.2 billion for unemployment benefits in case the novel coronavirus (COVID-19) prompts job losses.
The said amount assumes the worst case scenario wherein there will be a loss of 30,000 to 60,000 jobs in tourism, hotel, and aviation industries.
Affected SSS members can claim up to P20,000 cash benefit, said SSS Senior Vice-President and Chief Actuary Edgar Cruz. The computation of the 1.2 billion funds is based on the maximum cash benefit that each affected member would claim.
Displaced premium-paying members due to redundancy, installation of labor-saving devices, retrenchment, closure or cessation of operation, and disease or illness can avail the unemployment benefits, equivalent to half of their average monthly salary credit, for a maximum of two months, the DOF said.
To qualify, a member has at least 3 years minimum SSS monthly contribution, stating that 12 monthly contributions should be within the last 18 months.