New SSS Partnerships for the Direct Release of Sickness, Maternity and EC Benefits to Members’ Bank Accounts

Top officials from the Social Security System (SSS) and 25 partner banks participated in the signing of the memorandum of agreement (MOA) for the expanded coverage of the Sickness, Maternity and Employees’ Compensation Payment thru the Bank (SMEC-PB) Program during ceremonies held at the Ramon Magsaysay Hall of the SSS main office in Diliman, Quezon City on April 19.

SMEC-PB provides for the direct release of sickness, maternity and Employees Compensation (EC) benefit payments to the members’ automated teller machine (ATM), current or savings accounts. It offers a faster, easier, safer and more convenient means of releasing cash benefits to SSS self-employed and voluntary members, non-working spouses, overseas Filipino workers and employee-members separated from employment.

For the agreement signatories, the new payment scheme helps SSS reduce its operational procedures and expenses from check printing and mailing, while the accredited banks can further expand their clientele through new bank accounts. Previously, SSS made it mandatory to employers to enroll in the sickness and maternity benefit payment thru-the-bank (SMB-PB) program to receive SSS reimbursements for their employees’ sickness and maternity benefits. (SSS)

Source: www.sss.gov.ph