SSS releases 13th month pension

MANILA, Philippines — More than 2.83 million pensioners are set to receive their 13th month pension from the Social Security System (SSS).

In a statement, SSS president and chief executive officer Aurora Ignacio said the pension fund has released more than P12.71 billion for the 13th month pension, both through banks and through checks.

Ignacio said this was 7.6 percent higher than the P11.81 billion released in 2018, mainly due to the increase in the number of pensioners, which was recorded at 2.66 million last year.

“We have already requested our partner banks to credit the 13th month pension to the respective savings accounts of our pensioners on or before Dec. 6 so that they could enjoy the money in time for the holiday season,” Ignacio said.

Of the total number of pensioners, majority or about 2.82 million will receive their 13th month pension through their assigned bank accounts, while the remaining 14,000 will still receive it through check payments.

“The checks were released and mailed as early as Nov. 26 so that our pensioners will receive it on time for the Christmas season. We are hoping that we will eventually shift 100 percent of our pensioners to through-the-bank system for faster, convenient and more secure way of receiving their benefits from the SSS,” Ignacio said.

The SSS’ net income in the first half of 2019 jumped by 441.34 percent to P15.32 billion from P2.83 billion in the same period last year. This was attributed to the strong growth in the pension fund’s contribution collections and investment income.

The state pension fund’s total revenues for the January to June 2019 period rose by 20.9 percent year-on-year to P115.53 billion, outpacing the 8.1 percent growth in its expenditures, which reached P100.21 billion as of end-June.

Ignacio attributed this to the SSS contribution collection, which grew 20.3 percent to P99.08 billion following the implementation of Republic Act 11199 or the Social Security Act of 2018. The law raised the monthly contribution of SSS members.

Meanwhile, Ignacio said the bulk or P95.71 billion of the SSS’ total expenditures as of end-June was used as benefit payout for about 3.19 million members and pensioners.

Of the total benefit payouts, P55.7 billion went to retirement benefits, an 8.6 percent increase from P51.28 billion recorded in the same period last year.

The SSS’ total assets also rose to P542.27 billion as of end-June from last year’s level of P511.47 billion.