State-run Social Security System (SSS) said Friday it released more than P127 billion in member benefits as of the end of the third quarter of 2017.
SSS President and Chief Executive Officer Emmanuel F. Dooc said benefit payments increased by 30.31 percent, to P127.78 billion as of the end-September 2017 from the P98.06 billion recorded in the same period in 2016.
“The increase in benefit payouts was higher due to the release of the P1,000 additional benefit amounting to P24.03 billion from January to October 2017 and the 3rd tranche of pension adjustments arising from the unlumping of 1985 to 1989 contributions amounting to P72.43 million,” Dooc explained.
The third tranche of pension adjustments for retirees, death and disability pensioners prior to May 24,1997 or the implementation of the Republic Act 8282 or the Social Security Law of 1997 was credited to accounts of qualified pensioners on June 29, 2017.
The first and second tranche of pension adjustments for retirees, death and disability pensioners, after the implementation of RA 8282, were already released last year.
Broken down, payments for retirement benefit increased by 26.75 percent, to P73.65 billion; followed by death benefit payouts with a 43.51-percent increase, to P40.17 billion; and disability benefit payments with a 9.24 percent-increase, to P4.52 billion.
Disability, funeral, and sickness benefit expenditures also increased by 42.8 percent, to P4.64 billion; 6.09 percent, to P2.85 billion; and 8.47 percent, to P1.95 billion, respectively.
Medical and rehabilitation services, on the other hand, posted a 13.47-percent and 20.36-percent drop, to P9.7 million and P1.1 million, respectively.
SSS operating expenses, likewise, slightly declined by 0.05 percent to P6.48 billion, bringing total expenditures for the nine-month period of 2017 to P134.26 billion, or 28.43 percent higher than the P104.54 billion recorded in the same period a year ago.
Meanwhile, SSS total revenues as of the end-September 2017 jumped by 10.72 percent to P146.17 billion from P131.97 billion in the same period last year.
Members’ contributions, which represent 81.8 percent of total revenues, amounted to P119.5 billion, up by 11.31 percent from P107.36 billion in 2016.
“The increase in our contribution was due to the aggressive contribution collection drive of SSS, like our recently-launched Run After Contribution Evaders and linkages with various professional sectors,” Dooc said.
He said component-wise, collections from the employed sector registered the biggest amount at P103.1 billion, followed by voluntary paying members at P10.98 billion, and self-employed at P5.42 billion.
Investment and other income for the nine-month period of 2017, which represents 18.2 percent of total revenues, was 8.16-percent higher, from P24.61 billion to P26.62 billion.
Dooc also said the pension fund’s financial position remained stable with total assets of P511.72 billion, up by 7.4 percent from P476.40 billion due to the increase in investments and cash equivalents.
SSS’ investment reserve fund as of end-September 2017 stood at P490.32 billion or 5.6 percent higher than the P464.42 billion recorded at the end-2016.
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