SSS disburses P171 billion in benefits

MANILA, Philippines — State-run Social Security System (SSS) disbursed P170.97 billion in benefits to its members in the first 11 months of 2020, bulk of which was coursed through electronic means.

According to the SSS, its benefit disbursements from January to November last year declined by 5.65 percent from the P181.2 billion recorded in the same period in 2019.

The COVID-19 pandemic and mobility restrictions slowed down the release of benefits, particularly from March to May last year, the SSS said.

Broken down, P168.55 billion or 98.6 percent of the total amount disbursed during the 11-month period was given to 3.68 million members through electronic channels, including banks, e-wallets, and remittance companies or cash payout outlets.

The share of e-channels slightly increased from 96.27 percent in 2019 when P174.45 billion was paid out electronically.

On the other hand, the remaining benefits amounting to P2.42 billion were issued through 264,208 checks, 39.7 percent lower than the previous year.

The increase in the share of electronic disbursements was due to the state pension fund’s initiatives to expand its checkless disbursement methods, especially amid the coronavirus pandemic.

“Our goal in this initiative is to provide our members, pensioners, beneficiaries, and covered employers with safer, faster and more convenient means of receiving benefits and loans as we comply with the Ease of Doing Business Act,” SSS president and chief executive officer Aurora Ignacio said.

“With the social distancing and health protocols issued to stem the spread of COVID-19, the importance of digital technologies has been redefined. We appreciate our covered employers, and members, pensioners, and their beneficiaries’ who supported our ongoing digital transformation. We stay committed to continuously look for ways to bring our services closer to you,” she said.

Last year, the SSS issued circulars to implement the mandatory checkless disbursement of benefits and loans.