SSS ready to pay PHP1.2B in job loss benefits

Finance Secretary Carlos Dominguez III announced that the Social Security System (SSS) is prepared to pay up to PHP1.2 billion in unemployment benefits for workers affected by job losses due to the economic impact of the coronavirus pandemic.

The SSS can provide PHP660 million under a moderate scenario and up to PHP1.2 billion if 60,000 workers lose their jobs.

Workers must have paid at least three years' worth of contributions, including 12 in the last 18 months, to qualify for unemployment benefits equivalent to half of their average monthly salary credit for a maximum of two months.