SSS pays P102.8B in benefits in 2014
MANILA, Philippines – Retirement claims composed the bulk of the P102.8-billion (2.33-billion) of the social security and employees’ compensation (EC) benefits released by Social Security System (SSS) to its members in 2014.
The total disbursement was 12.5% higher than the same period in 2013, attributed to the growing number of members who depend on SSS in times of contingencies and intensifying marketing efforts to various sectors, said SSS President and Chief Executive Officer Emilio S. de Quiros Jr.
Retirement claims amounted to P56.1 billion ($1.27 billion) or 54.6% of the total disbursements, De Quiros said.
Death benefits reached P33.7 billion (764.17 million) or 32.8% of the total payouts. Death benefit is either lump sum payment or transfer of monthly pension to the legal dependent spouse and minor children.
The SSS also paid P4.4 billion ($99.77 million) for maternity benefits; P3.8 billion ($86.18 million) for disability; P2.9 billion ($65.77 million) in funeral grants; and P1.9 billion for sickness ($43.08 million). The sickness and disability payouts include EC payments.
SSS also released P17.4 billion ($394.79 million) in EC medical reimbursements that cover expenses for hospitalization, recuperation, and medicines. Rehabilitation expenses are payments to services provided to member-employees until they have fully recovered from their work-related injuries.
SSS also opened 25 new branches and 13 service offices usually located in malls in a bid to improve its services.
As of December 2014, SSS has 262 offices across the Philippines located in the National Capital Region (60), Luzon (118), Visayas (41), and Mindanao (43).
For 2015, SSS will open 5 new branches and 5 service offices.
It will also enhance its electronic and self-service transactions for greater convenience of its 32.1 million members.
SSS is also intensifying coverage and collection in both informal and special sectors, while strengthening the campaign against erring employers to ensure that member contributions are remitted.
“We are continuously doing major improvements and enhancements with our services and processes to provide more meaningful benefits to our members. We want our members to value SSS which they could always count on to cope with contingencies,” said De Quiros. – Rappler.com
US$1 = P44.10