SSS released P102.8B in benefits in ’14
Total benefits released by state-run pension fund Social Security System (SSS) to its members grew by over a tenth in 2014.
In a statement on Friday, SSS said it disbursed P102.8 billion in social security as well as employees’ compensation benefits last year, up 12.5 percent from releases in 2013.
To date, SSS has about 32.1 million members.
“[T]he increase in benefit disbursement is due to the growing number of members who depend on SSS in times of contingencies, and intensifying marketing efforts to various sectors,” said SSS president and chief executive Emilio S. de Quiros Jr.
In 2014, 54.6 percent of the total disbursement equivalent to P56.1 billion were retirement claims.
Almost a third or P33.7 billion were granted as death benefits, which may either be a lump sum payment or the transfer of a deceased member’s monthly pension to his or her dependents such as the legal spouse and children who are still minors.
Also disbursed by SSS last year were P4.4 billion in maternity benefits, P3.8 billion in disability payouts, P2.9 billion in funeral grants, and P1.9 billion in sickness payouts.
According to SSS, the disability and sickness payouts included employees’ compensation payments.
Besides regular benefit payments under its social security program, SSS said it had also released P17.4 billion in employees’ compensation for medical and rehabilitation services.
These cover reimbursements for members’ expenses on job-related illnesses and injuries, including the costs of hospitalization, recuperation as well as medicines.
SSS said it would continue to intensify coverage and collections in the informal and special sectors in 2015, alongside running after more erring employers who have not been remitting members’ contributions.
“We are continuously doing major improvements and enhancements to our services and processes to provide more meaningful benefits to our members. We want our members to value SSS, which they could always count on to cope with contingencies,” de Quiros said.
SSS said five new branches as well as five service offices would be opened this year to expand its existing service delivery network comprised of 262 offices nationwide as of end-2014. Ben O. de Vera
