Retirees may get benefits on day of retirement - SSS chief

Sun.Star: Social Security System (SSS) president and chief executive officer Corazon dela Paz said the agency has put in place procedures for immediate implementation that allows retiring members who reach 65 years of age to claim their benefits on the day they retire. Dela Paz said processing of retirement benefit will be completed in 15 working days as the new procedure is being implemented across the nation. "I urge compulsory retirees to file their retirement claim six months before they bow out of service," dela Paz said, adding that applicants should make sure that their documents are complete, intact, and updated so that processing of their claims will be faster. This new policy allows compulsory retirees to file their retirement applications in advance so they can enjoy their benefits on the day they retire. There is an estimated of more than 546,000 SSS retired pensioners, which represent almost half of the estimated 1.1-million pensioners in the country. Since 1993, the number of retirees has been increasing at an annual rate of eight percent. From January to June of last year, retirement pension remain the highest among the benefit disbursements registering about 10.1 percent increase to P11.48-billion from P10.42-billion for the same period in 2005. - Sun.Star