SSS members’ contributions reach P58.8 B in first half

MANILA, Philippines – Members’ contributions to the Social Security System grew to P58.8 billion in the first six months, this year, exceeding half of the total amount collected in 2013.

The SSS collected P103.1 billion last year, the first time it breached the P100- billion mark, on the back of a growing membership base and intensified coverage drives.

Benefits paid to members grew 14 percent to P50 billion from January to June.

SSS president Emilio S. De Quiros Jr. attributed the increase in benefit disbursements to improved processing of claims, particularly for death, disability and retirement.

As of end June, the SSS had total assets of P423 billion.

De Quiros said three more years were added to the state pension fund’s life, which is projected to last until 2042. This was made by possible by the increase in the contribution rate and maximum salary credit that took effect last January.

The agency’s ongoing campaign to reach out to a wide range of sectors, including overseas Filipino workers, and the informal sector, also helped boost the collection of contributions.

The SSS ended June with a total of 257 branches including foreign and service offices, 21 of which had extended operations until Saturday to accommodate members who could not transact on weekdays.

Information on the status of contributions, loans and benefit claims is accessible 24/7 through the My.SSS accounts of members and Text-SSS.

The SSS has required employers to remit payments to the agency electronically as part of efforts to provide better and convenient services to its members. Reimbursements for advance payments of employees’ sickness and maternity benefits, which used to be paid in checks, are now credited to their own bank accounts through the SSS sickness and maternity benefit payment program.

The pension fund has partnered with various informal sector groups, microfinance institutions, cooperatives and local government units to ensure SSS coverage and timely remittance of SSS payments of members. As a result of this initative, more than 83,757 workers from 837 informal sector groups, including 4,844 job order and contractual workers of the Department of Interior and Local government and Department of Social Welfare were covered as self-employed members under the fund’s microsavings program AlkanSSSya.

As of end-June this year, SSS individual members reached 31 million, comprising 23 million employed members, 4.2 million self-employed, 3.2 million voluntary members and one million OFWs. –Zinnia B. Dela Peña (The Philippine Star)