SSS releases P128 B benefits in 9 months

MANILA, Philippines — State-run Social Security System (SSS) said yesterday it disbursed more benefits to its members in the first nine months, mainly driven by the P1,000 hike in the monthly pension of member-retirees.

SSS president and chief executive officer Emmanuel Dooc said the state pension fund released P127.78 billion in benefits as of end-September, 30.31 percent up from P98.06 billion in the same period in 2016.

“The increase in benefit payouts was higher due to the release of the P1,000 additional benefit amounting to P24.03 billion from January to October and the third tranche of pension adjustments arising from the unlumping of 1985 to 1989 contributions amounting to P72.43 million,” Dooc said.

The P1,000 increase in benefits of SSS pensioners was implemented retroactively after receiving the go-signal from Malacañang in February.

In addition, the third tranche of pension adjustments for retirees — after the implementation of the Republic Act 8282 or the Social Security Law of 1997 — was credited to the accounts of qualified pensioners on June 29. The previous tranches were released last year.

Dooc said the bulk of benefits released as of end-September was accounted for by retirement benefits at P73.65 billion, up 26.75 percent from last year.

Death benefit payouts rose 43.51 percent to P40.17 billion, while disability benefit payments climbed 9.24 percent to P4.52 billion.

Disbursements for disability, funeral and sickness benefits also rose 42.8 percent to P4.64 billion, 6.09 percent to P2.85 billion, and 8.47 percent to P1.95 billion, respectively.

On the other hand, medical benefits declined 13.47 percent to P9.7 million, while rehabilitation services also dropped 20.36 percent to P1.1 million.

 Meanwhile, the SSS said its operating expenses during the January to September period slightly declined to P6.48 billion, bringing total expenditures in the first nine months to P134.26 billion.

The state pension fund said this was 28.43 percent higher than the P104.54 billion in the same period last year.

SSS revenue jumped 10.72 percent to P146.17 billion in the first nine months from P131.97 billion a year ago. Of this amount, P119.5 billion was represented by member’s contributions, which rose 11.31 percent from P107.36 billion in 2016.

“The increase in our contribution was due to the aggressive contribution collection drive of SSS, like our recently-launched Run After Contribution Evaders and linkages with various professional sectors,” Dooc said.