SSS: P156.7B worth of retirement benefits released in 2023

The Social Security System (SSS) has released P156.7 billion in retirement benefits in 2023, making it the most-utilized benefit last year.

In a statement on Friday, SSS vice president for benefits administration division Joy Villacorta said the amount was disbursed to 2.2 million payees in 2023, up 10.7% from P141.5 billion in retirement benefits released in 2022.

Villacorta said the majority of the payees, or 87.46% of the total, are pensioners.

“Retirement benefit is a cash benefit being granted by SSS to a member who can no longer work due to old age. Members who paid at least 120 monthly contributions will get a lifetime monthly pension, while those with less than 120 monthly contributions will receive a one-time lump sum,” she said.

The SSS official said death benefits came in second with a total release of P70.1 billion to 1.4 million beneficiaries last year, slightly lower than the P70.2 billion in death benefits to 1.3 million beneficiaries in 2022.

“SSS grants cash benefits to beneficiaries of a deceased member. Deceased SSS members with 36 monthly contributions will entitle their beneficiaries to a monthly pension. In comparison, beneficiaries of those with less than 36 monthly contributions will get a one-time lump sum,” Villacorta said.

Maternity benefits came in third with a disbursement of P14.1 billion to 357,000 members in 2023, up 9.6% from about P12.9 billion recorded in 2022.

Villacorta said that female members who have paid at least three monthly contributions in the last 12 months before the semester of childbirth, miscarriage, or emergency termination of pregnancy can avail of the maternity benefit.

As provided in the Expanded Maternity Leave Law, the SSS maternity benefit is paid to an eligible member at every instance of pregnancy, beginning in March 2019.

Disability benefits placed fourth, with P7.5 billion released to over 130,000 members last year, up 16.3% from the P6.4 billion released in 2022.

“Members who become disabled either partially or totally can receive a monthly pension or lump sum amount under the disability benefit. Members who have paid at least 36 monthly contributions are qualified to get a monthly disability pension, while those with less than 36 monthly contributions will be granted a lump sum,” Villacorta said.

Funeral benefits came in fifth with P4.8 billion reimbursed to 211,000 payees, and sickness benefits followed with P3.2 billion provided to 376,000 members.

“We grant SSS funeral benefits to whoever pays the funeral expenses of the deceased member. Claimants of deceased members with 36 or more monthly contributions may receive a variable amount from P20,000 to P60,000, depending on the number and amount of contributions paid by the member. The funeral benefit arising from the death of a member who paid less than 36 monthly contributions is fixed at P12,000,” Villacorta said.

She said that a sickness benefit is a daily cash allowance paid for the number of days a member cannot work due to sickness or injury.

With a total payout of P914.1 million to 64,000 members, the unemployment benefit is the least availed, having decreased by 4.9% from the P961.4 million distributed to 75,000 members in 2022.

''This is also a reflection of the continuing improvement in the Philippine labor market, with the unemployment rate reaching its lowest levels last year,” Villacorta said.

Villacorta said that benefit payments in 2023 amounted to P257.4 billion, up 6.9% from the P240.6 billion disbursed in 2022. —VBL, GMA Integrated News