Q1 SSS disbursements up 13%

The Social Security System (SSS) disbursed P4.77 billion in lifetime pensions for Luzon-based members during the first quarter, SSS president and CEO Emilio de Quiros Jr. on Monday said. De Quiros said disbursements rose by 13 percent compared to P4.24 billion that the SSS disbursed in the same 2010 period. SSS provides social security benefits in cases of sickness, maternity, disability, retirement, and death involving its members. SSS has urged members to religiously pay their contributions to allow SSS to meet its obligations. Last week, the SSS reported that its collections from Luzon-based members rose by 18 percent also in the first quarter. http://www.gmanews.tv/story/222460/business/q1-sss-luzon-collections-total-p498b Raising contribution rates This year, the agency plans to raise its contribution rate to 11 percent of a worker’s monthly salary credit, from 10.4 percent. De Quiros claimed that higher contribution rates would mean higher benefits for members. SSS members are apprehensive about the agency’s plan to raise its contribution rate amid escalating prices of goods and services, according to a report on the GMA News TV public service program “On Call."
For the latest Philippine news stories and videos, visit GMANews.TV In the same report, SSS assistant vice president for media affairs Joel Palacios defended the increase as a form of “savings" on the part of members. — Paterno Esmaquel II/VS, GMA News