Details about the SSS Sickness Benefit Loanable Amount for Qualified Members
SSS SICKNESS BENEFIT LOANABLE AMOUNT – You can check the guide below for the possible amount that you may borrow under this benefit offer of the Social Security System.
There are several benefits for the members of the Social Security System (SSS), one of the biggest state-run social insurance institutions in the Philippines. That is why most companies in the private sector require their employees to be members of the agency.
A lot of Filipinos are employees in the private sector thus the SSS has a huge member population. Its membership is also open for self-employed individuals as well as overseas Filipino workers (OFWs) provided that they qualify to the eligibility criteria set by the government agency.
With regards to the benefits for SSS members, one of it is the Sickness Benefit. It was crafted to provide assistance to the members in times of getting sick or injured resulting to absence from work. It is open for SSS members who was absent from work for at least four (4) days due to injury or sickness. Also, the member-borrower must have:
- paid at least three (3) months of contributions within the 12-month period immediately preceding the semester of sickness or injury
- duly notified the SSS directly of the fact of sickness or injury
On the SSS Sickness Benefit loanable amount, it is a case-to-case basis. According to the state-run social insurance institution, the “allowance is equivalent to ninety percent (90%) of his/her average daily salary credit”.
The SSS Sickness Benefit loanable amount may be granted for a maximum of 120 days per member in a year. There are requirements in claiming an SSS Sickness Benefit grant.
Both home confinements and hospital confinements are covered under this benefit offer of the Social Security System (SSS). Aside from the Sickness Benefit offer, the social insurance institution also offers SSS Retirement Benefits for the senior members of the state-run social insurance agency.