MANILA, Philippines – State pension fund Social Security System (SSS) has tapped digital money services provider PayMaya to help disburse some of its coronavirus (COVID-19) response funds.
Specifically, PayMaya said in a statement that it was tapped to assist in the national government’s Small Business Wage Subsidy (SBWS) program.
This will benefit some three million-member employees affected by the COVID-19 crisis.
“This is especially convenient and beneficial for employees in small businesses who were unable to work during the enhanced community quarantine period,” Orlando Vea, Founder and CEO of PayMaya, said in the statement.
“More than ever, fast and easy access to funds for their daily necessities becomes critical at this time. We are happy to be part of the government’s thrust in using e-Money as a convenient tool for cash distribution,” he said.
Eligible employers and their respective employees can now link their PayMaya accounts in the My.SSS online portal. This will allow them to receive their wage subsidies when the disbursements start next month.
Depending on their location, eligible employees stand to receive P5,000 -P8,000 in subsidies from the government through the SSS. Employers have until April 30 this year to submit their applications at the SSS website.
PayMaya said eligible employees must make sure that their PayMaya accounts are upgraded.
The government has set aside a P51 billion fund in wage subsidies for small businesses whose employees were affected by the enhanced community quarantine.
After receiving their wage subsidies or loan proceeds in their PayMaya accounts, employee beneficiaries may immediately use the funds to pay bills, buy airtime load, send money or buy goods online, PayMaya said.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.