SSS net income up 6.3% in H1

The Social Security System (SSS) posted a 6.3-percent growth in its net income in the first half of the year to P16.3 billion from P14.5 billion in the same period last year as revenues mainly from members’ contributions rose despite extended payment and remittance deadlines at the height of the COVID-19 lockdown.The SSS’s latest condensed statement of comprehensive income showed that its total first-half income rose to P124.2 billion from P116.9 billion a year ago. Service and business income—mostly collected from members’ monthly dues—inched up to P114.6 billion from P113.8 billion a year ago.

The SSS had, for several times in the past months, extended the deadlines on the remittance of employers’ and employees’ contributions in consideration of the movement restrictions during quarantine.

First-half gains mainly from investments also increased to P5.3 billion from P3 billion a year ago, while other nonoperating income as of June jumped to P4.3 billion from P117.5 million last year.

Meanwhile, total expenses from January to June rose to P108.3 billion from P101.5 billion a year ago as the SSS extended more assistance to its members and pensioners amid the pandemic.

In particular, the benefit payments that the SSS disbursed during the six-month period inched up to P95.9 billion from P95.7 billion.

End-June financial expenses also increased to P48.1 million from P45.9 million a year ago, while noncash expenses climbed to P8.4 billion from a year ago’s P1.5 billion.

The SSS nonetheless cut on other costs—expenditures on personnel services declined to P3.2 billion from P3.3 billion a year ago, while maintenance and other operating expenses dropped to P762.2 million from P1.04 trillion last year.

Also, the SSS took into account P424.9 million in assistance and subsidy it received from the national government, in particular, for the small business wage subsidy for workers of micro, small and medium enterprises badly hit by the health and socioeconomic crises inflicted by COVID-19.