SSS disburses P4.77B worth of benefits to Luzon-based members

MANILA, Philippines - The Social Security System (SSS) has disbursed a total of P4.77 billion worth of beneficiaries for members based in Luzon.

In particular, the amount disbursed served lifetime pensions, SSS president and chief executive officer Emilio de Quiros Jr. said.

De Quiros who has been conducting meetings with SSS members based in Luzon, said payments were 13 percent higher than the P4.24 billion disbursed by the agency in the first quarter of 2010.

“Pension disbursements increased by 12 percent to P3.4 billion from only P3.04 billion from January to March last year,” said de Quiros, who urged members to pay contributions regularly to receive more meaningful pensions and benefits.

The state-run pension fund provides social security benefits for sickness, maternity, disability, retirement and death. SSS also provides a P20,000 grant as reimbursement for funeral expenses upon a member’s death.

To date, the SSS has 325,000 registered employers and over six million members in Luzon, including 3.7 million employees. It expects to register 400,000 new members in Luzon this year.

Of the total amount disbursed during the quarter, de Quiros said the agency paid P201.27 million for maternity claims, P259.2 million for funeral grants and P816.95 million lump-sum payments for retirement, death and disability.

“Claims for sickness, rehabilitation and medical services rose 18 percent to P94.67 million, including payments under the Employees Compensation Program, which provides additional benefits to members for work-related injuries, disabilities and death,” SSS reported.

The agency has been urging members to religiously pay their contributions so that the agency can still meet its obligations of paying out the beneficiaries mandated for SSS members.

SSS plans to raise this year its contribution rate to 11 percent of a worker’s monthly salary credit (MSC) from the existing 10.4 percent. An increase in the contribution rate would also mean higher benefits for members, de Quiros said.