Philippines: SSS advocates for social security coverage for seafarers

The Social Security System (SSS) President and Chief Executive Officer Rolando Ledesma Macasaet signed a Memorandum of Agreement for the creation of the Maritime Industry Tripartite Council, ensuring social security coverage for Filipino seafarers and maritime professionals. The council was formed by labor groups, manning agencies, ship owners, and government agencies, with SSS joining as a member to represent the government sector. The Department of Migrant Workers (DMW) will lead the council to ensure the welfare and protection of seafarers.

Macasaet emphasized the importance of the collective effort in addressing maritime employment concerns and protecting Filipino seafarers. He encouraged Filipino seafarers to become SSS members to receive financial assistance during contingencies such as disability, sickness, maternity, unemployment, old age, funeral, and death. Seafarers are urged to pay at least 120 monthly SSS contributions to receive a lifetime monthly pension after retirement, along with other benefits such as sickness, maternity, disability, and unemployment benefits.

Seafarers who contribute to the regular SSS program with a Monthly Salary Credit (MSC) exceeding P20,000 are automatically enrolled in the Workers’ Investment and Savings Program (WISP). This provident fund scheme allows members to receive their total contributions and investment income at the time of retirement, either as a lump sum or a combination of lump sum and monthly pension. Additionally, seafarers are encouraged to save in WISP Plus, the SSS voluntary retirement savings program, to have more options for their financial future and retirement planning.

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