SSS releases more benefits in 2014

MANILA, Philippines - The Social Security System said disbursement of benefits to members rose 12.5 percent last year due to a growing membership base.

In a statement, the SSS said it released a total P102.8 billion in social security and employees’ compensation (EC) benefits to members in 2014.

SSS president and CEO Emilio S. De Quiros Jr. said “more than half of the benefit payouts in 2014 were on retirement claims amounting to 56.1 billion or 54.6 percent of the total disbursements.”

The next biggest payment was on death benefit with P33.7 billion or 32.8 percent of total payouts. Death benefit is either lump sum payment or transfer of monthly pension to the legal dependent spouse and minor children.

The state-run pension fund also paid benefits worth P2.9 billion in funeral grants, P1.9 billion for sickness, P4.4 billion for maternity and P3.8 billion for disability. The sickness and disability payouts include EC payments.

Aside from the regular benefit payments under the social security program, SSS also released P17.4 billion in EC medical services and rehabilitation which are reimbursements for expenses incurred by members for work-related illnesses and injuries.

“EC medical reimbursements are expenses for hospitalization, recuperation and medicines while rehabilitation expenses are payments to services provided to member-employees until they have fully recovered from their work-related injuries,” De Quiros said.

To make its services more accessible to its members, 25 new branches and 13 service offices usually located in malls, were added to the SSS service delivery network as of end December last year.

The SSS ended 2014 with a total 262 offices across the country, with about 60 located in the National Capital Region, Luzon (118), Visayas (41) and Mindanao (43).