SSS told to explain hefty bonuses

MANILA, Philippines - Malacañang will ask the Social Security System (SSS) to explain the bonuses given to its officials last year,  which came amid plans by the pension fund to hike its membership premiums.

“We’ll ask the SSS to shed light on those bonuses,” Deputy Presidential Spokesperson Abigail Valte in an interview Tuesday.

Valte noted that there are certain requirements to be met before certain bonuses can be given out.

“The attendance requirement is one of them, as well as the profits that they may have generated in a particular fiscal year,” she said.

Earlier, Bayan Muna party-list scored the bonuses given to SSS officials and the pension fund’s plan to increase the premiums of members.

Previous reports said SSS board members had been given about P10 million performance-based bonus based on an incentive system covering state-run corporations.

Key SSS officials reportedly received bonuses ranging fro P968,000 to P1.4 million.

Bayan Muna Rep. Neri Colmenares said while SSS officials are receiving hefty bonuses, members are being burdened witth higher premiums. 

He said SSS does not need to raise its premiums since its assets and investments amounted to P345 billion in 2010 while its yearly income is about P21 billion to P23 billion.

Colmenares claimed that the pension fund also has collectibles worth P8.5 billion.

“It is the efficiency of the SSS management that really has to be increased to prolong the fund life of SSS,” he said.

When asked whether she thinks the SSS bonuses were hefty, Valte said: “We’ll have to look at the numbers first. It has to be put into context.”

“Apart from making revenues, incurring revenues, is that just because you make money, just because a GOCC (government-owned and controlled corporations) earns money, it does not entitle immediately a director or a trustee to bonus. There are requirements,” she added.