SSS releases P96B of benefits to 3.19M members in H1

The Social Security System (SSS) has disbursed P95.71 billion worth of benefits to 3.19 million members and pensioners in the first half of 2019.

The benefits that were released consist of “back-to-back” implementation of Republic Acts 11220 or Expanded Maternity Leave Law and RA 11199 or Social Security Act of 2018 in May and June this year, respectively.

“This is indeed the purpose of the pension fund—to provide meaningful benefits to its members and pensioners,” said SSS president and CEO Aurora Ignacio.

“In the first half of 2019 alone, the number of beneficiaries and claims has already posted significant growth since the implementation of new laws and policies of the administration.”

Social Security and Employee’s Compensation—including retirement benefits—totaled P55.70 billion, up 8.6% from P51.28 billion in the first six months of 2018 recorded in the same period last year. 

The number of retired pensioners, including new pensioners, stood at 1.57 million as of end June 2019.

Benefit payouts for death claims grew by 4.8% to P28.64 billion from P27.32 billion year-on-year.

The number of death claim beneficiaries totaled 1 million, the pension fund for private sector workers said.

The Expanded Maternity Leave Act, implemented in May, further pushed the amount of benefits given to female beneficiaries in the first two quarters to P4.13 billion—a 22.5% increase from P3.37 billion in the same period last year.

Disability benefits increased by 7.8% to P3.59 billion, and funeral benefits were up 9.7% at P2.14 billion.

The number of disability and funeral beneficiaries reached 208,863.

Sickness benefit, given to more than 235,000 members jumped 14.9% to P1.51 billion from P1.32 billion.

The pension fund’s personnel services, maintenance, and other operating expenses amounted to P4.51 billion or 36.4% of what has been allowed under its Charter limits.

Its total expenditures for the combined benefit payouts and OpEx (operating expenditures) for the first semester of 2019 reached P100.21 billion, up 8.1% from P92.72 billion.

Total revenue during the period rose by 20.9% to P115.53 billion from P95.55 billion year-on-year.

Contribution collections totaled P99.08 billion and the return on investments and other income reached P16.45 billion.

“The contributions collected from January to June 2019 surpassed last year’s actual collections of P82 billion. This is primarily due to corporate collection efforts as well as the increase in the contribution rate and in the maximum and minimum salary credit effective April 2019,” Ignacio said.

“Further, our investment and other income bounced back this period driven by strong and favorable market conditions,” she said.

SSS’ financial condition stood strong at the end of the first semester with total assets reaching P542.27 billion or 6% higher than P511.47 billion in the same period last year.

“With our strong financial performance this semester, we are hoping to further strengthen the fund and ensure continued service—providing for more and more members in the future until perpetuity. We hope that more workers, especially those who are self-employed, will save with SSS by religiously paying their monthly contributions,” Ignacio said. —VDS, GMA News