The Social Security System (SSS) issued SSS Circular No. 2012-008 dated 23 March 2012, laying down the following guidelines concerning the payments of sickness and maternity benefits through SSS-accredited banks:
1. All employers shall be required to enroll in the program at any of the SSS-accredited banks or at their SSS servicing branch. Existing savings or current accounts may be enrolled in the program.
2. The signatory in the enrollment form shall be the authorized bank account signatory as designated by the employer or the company’s Board of Directors.
3. All sickness and maternity benefit reimbursements shall be remitted by the SSS to the employer’s designated bank, which in turn shall be credited to their enrolled savings or current account.
4. The SSS shall notify the employer through a Payment Advice each time a payment to their bank account is made.
The Circular supersedes Circular 8-P dated 20 September 2002.
Outsourcing Brief – July 2012
Punongbayan and Araullo