SSS collections in Luzon up 10% to P8.51 billion in H1

MANILA, Philippines – The Social Security System (SSS), the state-owned pension fund for private employees, has collected P8.51 billion in contributions in Luzon during the first six months of this year, latest data from the agency showed.

The figure is 10 percent higher that comparative collections in the same period last year.

Of the amount, monthly premiums of employees amounted to P7.13 billion, more than half of which belong to workers based in the industrialized region or where many export processing zones are located, SSS president and chief executive officer Emilio de Quiros Jr. said.

Self employed workers, meanwhile, remitted P850 million or 10 percent of the total amount.

“The employed sector accounted for 84 percent of the collections because majority of our members are private sector employees. About P850 million or 10 percent of the total were from self-employed workers and over half a billion pesos were from voluntary members,” he said.

De Quiros and other senior officials recently met with stakeholder groups in Naga City for the Bicol leg of the agency’s series of consultative meetings.

The meetings aim to promote transparency between SSS members and management and to gather feedback on SSS plans and programs.

De Quiros said that direct payment at SSS branches has been the most popular means of remitting contributions to the state-owned pension fund.

“Direct payment at SSS branches is the most popular means of paying contributions in Luzon. A total of P4.32 billion, or over half of the total contribution collections, were paid by employers and members through SSS branch tellers,” he said.

According to the SSS, contributions remitted through banks totaled P4.19 billion. Of the amount, P2.88 billion are from over-the-counter payments, P1.3 billion came through the SSSNet facility for employers and P1.73 million are from auto debit arrangements for members with accounts in accredited banks. –Iris C. Gonzales (The Philippine Star)