Promoting Awareness on the Social Security System Personal Equity Savings Option Fund Towards Program Promotional Enhancement

Abstract

The purpose of the study is to promote awareness on the SSS Personal Equity and Savings Option Fund (SPF) towards program promotional enhancement. The study utilizes the descriptive method. Two sets of questionnaires were used to measure the level of awareness and satisfaction on the SPF program. The survey respondents consisted of 368 SSS regular members and 66 SPF members. Data collection period was from January to February 2018 at SSS Diliman branch. Findings reveal that 63% of SSS regular member-respondents were “unaware” and 37% were “aware” of the program. Their awareness on its qualifications/eligibility and benefits were all tagged as ‘little aware’. Only 11.8% of the “aware” respondents were SPF members. Majority of covered employees disclosed that companies neglected their retirement security, linked to perception of 67.3% wanted SPF program to be mandated to all employees. Also, 44.5% of SE, VM and OFW respondents were not willing to increase their contribution to maximum to be qualified in the program. Majority (92.2%) of the “unaware” SSS regular member-respondents disclosed interest to acquire information about the SPF program through “attending seminars” that will help them to learn more and 62.9% suggested visible counter for SPF program in every SSS branches. “Lack of knowledge on saving for retirement” and “Long queue in depositing SPF savings” were the most critical barriers encountered by SPF respondents, and 63.6% enrolled to the program as “Preparation for a More Secured Retirement”. The marketing strategy of SSS Diliman branch was inadequate. “Aware” SSS regular member-respondents lacked knowledge on savings for retirement. Employees may not be well-prepared for retirement because most companies neglected their retirement security. Commitment to better and higher quality service of SPF program will give satisfaction, which may encourage them to promote the SPF program to others. There is a need for SSS Diliman branch to adopt more efficient promotional strategies to raise awareness and education on the SPF program through providing free trainings and seminars on a regular monthly basis. Other researches may be conducted among SSS members and SPF members from other SSS branches with bigger number of respondents, so as to continuously assess level of awareness and satisfaction of SSS and SPF members for the development and continuous enhancement of SPF program and geared towards giving service quality to people.