SSS: P90.52B worth of benefits released from January to May

State-run private sector pension fund Social Security System (SSS) on Wednesday said it has disbursed a total of P90.52 billion worth of benefits in the first five months of the year.

In a statement, SSS said the disbursements benefitted around 3.46 million members, pensioners, and their beneficiaries.

Likewise, the pension fund said, benefit disbursements from January to May were higher by 13.3% from P79.93 billion released in the same period in 2020.

“Along with the rapidly increasing membership base is the constant rise of benefit releases to our qualified members, pensioners, and beneficiaries,” said SSS president and CEO Aurora Ignacio.

Of the total benefit releases, the SSS said around 99% or P89.92 billion were for social security benefits while the remaining P608 million were for employees compensation benefit disbursements.

It said that retirement payouts amounting to P53.74 billion represents 60% of the entire benefit disbursements, covering over 1.81 million pensioners.

Moreover, it also disbursed P23.72 billion in death benefits to 1.08 million claimants, P2.44 billion in disability benefits to 97,258 members, P5.99 billion maternity benefits to 157,132 female members, P1.44 billion in sickness benefits to 147,210 members, P1.96 billion funeral benefit to 84,530 claimants, and P642 million unemployment benefits to 47,764 members. 

Meanwhile, under the Employees Compensation program, the SSS said it distributed P426 million death benefits to 16,492 beneficiaries, P78 million disability benefits to 2,044 members, P98 million sickness benefits to 11,663 members, P2 million for medical services to 393 members, and P3 million in funeral benefits to 114 claimants.

“On top of the regular SS benefits, employed and self-employed members are also entitled to receive EC benefits in case of work-related sickness or injury, disability or death,” Ignacio said. 

Effective July 2020, benefit proceeds are released through disbursement accounts under PESONet participating banks, e-wallet, or Remittance Transfer Companies (RTC)/ Cash Pick-up Outlets (CPOs), or through Unified Multipurpose Identification (UMID) Card enrolled as ATM Card.

“As part our brand campaign, ExpreSSS—mas pinabilis, mas pinasimple at mas pinadali—we have implemented the mandatory checkless disbursement to facilitate faster release of cash benefits and loan proceeds thru the Disbursement Account Enrollment Module (DAEM) using member’s My.SSS accounts,” Ignacio said. —Ted Cordero/LBG, GMA News