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Image source: Getty Images. 1. Benefits got a 3.2% raise. Each year, Social Security benefits are eligible for a cost-of-living adjustment, or COLA.
Unfortunately, retirees can expect some not-so-good news about the short- and long-term future of Social Security. Two people with worried expressions looking at documents. Image source: Getty Images.
The Social Security System (SSS; Filipino: Paseguruhan ng Kapanatagang Panlipunan) is a state-run, social insurance program in the Philippines to workers in the private, professional and informal sectors. SSS is established by virtue of Republic Act No. 1161, better known as the Social Security Act of 1954.
People who rely upon Social Security income in retirement frequently look forward to the next year’s cost-of-living adjustment (COLA), but this amount varies significantly from year to year ...
The system is financed by contributions from employees and employers. Employees pay 1.2% of their gross salary below the social security threshold and employers pay 1.2% contribution on top of the salary paid to the employee. The contribution level was reduced from 1.3% for employees and employers during the COVID-19 pandemic.
Transitioning to a fixed income and starting to receive Social Security benefits is a major milestone -- and one that can have many repercussions on retirees' financial well-being. Find Out: 6 ...
But for others, those benefits represent the majority of their monthly retirement income. And for people in the latter camp, annual Social Security cost-of-living adjustments, or COLAs, are ...
The Code on Social Security, 2020 is part of the Indian labour code that deals with employees' social security and have provisions on retirement pension and provident fund, healthcare insurance and medical benefits, sick pay and leaves, unemployment benefits and paid parental leaves. [6]