SSS end-September net income down 8%

As the Social Security System (SSS) deferred the collection of members’ contributions amid the COVID-19 pandemic, the state-run pension fund reported a decline in revenue and net income as of the end of September.

The SSS’ latest condensed statement of comprehensive income showed that its net income from January to September declined by 8 percent to P28.6 billion, from P31.1 billion a year ago.

Total revenue in the nine months to September was down to P186.2 billion from P186.6 billion last year.

The SSS’ service and business income—which included contribution collections—declined to P175.6 billion as of September from P182.1 billion a year ago. To recall, the SSS had extended deadlines for the remittance of contributions several times amid movement restrictions and in consideration of the harder times brought about by the pandemic-induced recession.

End-September gains and other nonoperating income nonetheless posted increases to P6.4 billion (from P4.3 billion) and P4.2 billion (from P215.7 million), respectively.

Meanwhile, total expenses rose to P157.8 billion during the nine-month period from P155.5 billion a year ago.

The rise in overall expenditures was mainly due to a jump in noncash expenses, which hit P10.4 billion from only P2.8 billion last year.

Benefit payments disbursed to members and pensioners declined to P141.7 billion from P146.2 billion a year ago, alongside smaller end-September expenditures on personnel services, maintenance and other operating expenses, as well as financial expenses.

It helped that the SSS received P179.2 million in subsidy from the national government under the small business wage subsidy (SBWS) program which was granted at the height of the longest and most stringent COVID-19 lockdown in the region. INQ