Employees Compensation Program grants P1.145 billion in 2011 | Inquirer Business
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Employees Compensation Program grants P1.145 billion in 2011

, / 01:17 PM August 12, 2012

Labor Secretary Rosalinda Baldoz. INQUIRER FILE PHOTO

MANILA, Philippines—Labor and Employment Secretary Rosalinda Dimapilis-Baldoz said the Employees’ Compensation Program (ECP), through its administering agencies, the Social Security System (SSS) for the private sector and the Government Service Insurance System (GSIS) for the public sector, has awarded a total of 1.145 billion in benefits payments covering 282,046 claims  filed by workers in CY 2011.

“The State Insurance Fund (SIF), which is managed separately by the SSS and the GSIS,  holds the contributions paid by the private sector employers and the government agencies, finances the ECP’s benefit payments  comprising of sickness, medical services, disability, rehabilitation services, funeral and death benefits,” Baldoz said in the statement sent to “Isyu ng Bayan” of Radyo Inquirer 990 AM.

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Baldoz added the benefits under the employees’ compensation program seek to mitigate income risks associated with work-related sickness or injury which resulted to disability or death.

The SSS-managed SIF funded a total of P1.08 billion worth of benefits for 274,121 claims in the private sector while the GSIS-managed SIF granted a total of P67.81 million for 7,925 claims in the government sector.

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The total benefit grants for the private sector employees are as follows: P817.06 million for death and pension, P116.15 million for disability benefits, P105.38 million for sickness benefits, P34.21 million for medical services, P4.03 million for funeral benefits and P.13 million for rehabilitation services.

In the public sector,  disability benefits registered the largest chunk in benefit payments which amounted to P35.13 million,  P7.80 million for death and pension,  P2.28 million for sickness,  P17.32 million for medical services, P5.25 million for funeral benefits and P.03 million  for rehabilitation services.

Secretary Baldoz said that the labor department is aware that despite the billions of benefits granted to the public and private sector workers under the Employees’ Compensation Program there are still a lot of workers and employers who have no knowledge on the benefits and privileges they can avail under the program that is why she directed ECC Executive Director Stella Zipagan-Banawis to intensify awareness on the ECP nationwide.

Director Banawis reported that the total contributions remitted by the private sector employers to the SSS in CY 2011 amounted to P1.37 billion while the government remitted a total of P1.97 billion to the GSIS-managed SIF.

At the end of 2011, the SIF was reported at P36.31 billion, that is P27.71 billion at the SSS and P8.6 billion at the GSIS.

Death and pension benefits comprised the highest share in the EC benefit payments made by the SSS in the private sector while Disability benefit comprised the highest share in the EC benefit payments made by the GSIS in the public sector.

“Isyu ng Bayan” is hosted by Ricky Brozas and Liza Soriano airing Sunday on Radyo Inquirer 990 AM.

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