It is said that without understanding the risk, we can never understand about why being insured is important. It is in this light that we are able to manage such risks, thus providing us a stressful and peaceful life.
Being insured means being able to face financial issues when some mishaps happen in the workplace. These risks are inevitable even in the safest workplace an employee could be with.
However how unfortunate it may sound, let us know employees are all prone to having sickness, disability, medical problems, rehabilitation, and even death.
Well, all insured Filipino workers must worry less as Employee’s Compensation Commission (ECC) promises 62 years of protection from work- related contingencies for private employees while 46 years for those in government service.
This assurance is based on the actuarial reports drafted by the agency’s two administering office; the Social Security System (SSS) and the Government Service Insurance System (GSIS).
Stella Zipagan- Banawis, executive director of ECC, explained that the State Insurance Fund (SIF) is strong to safeguard our human resource until 2078 for beneficiaries in private companies and 2062 for government’s.
In the recent report, a total of P53.79B is the accumulated SIF from contributions paid by the government and private employers.
No matter how huge amount it might be, nobody wants to use their benefits as well but the strength of the fund will somehow lessen the anxiety of beneficiaries to all the risks their jobs may bring. (Ace Palaganas)