SSS releases P9.3B in pensions, bonuses

MANILA, Philippines –  The Social Security System (SSS) has released a total of P9.3 billion for December pensions and 13th month bonuses of more than 1.5 million pensioners, up seven percent from its P8.7-billion disbursement a year ago.

SSS president and chief executive officer Emilio de Quiros Jr. said retirement pensions, which amounted to P5.1 billion, made up 55 percent of the total.

“The SSS also released a total of P3.9 billion in death pensions to beneficiaries of deceased members,” De Quiros said, adding that pensions for members with partial or total disability added up to P360.38 million.

Over 98 percent of pensioners get their monthly benefits through personal bank accounts under the Mag-Impok sa Bangko (MSB) program. The SSS disbursed P9.2 billion for December pensions through the MSB program, and P96.2 million more were mailed as checks.

The SSS provides pensions for disability, retirement and death under the regular Social Security program. Employed members can get additional pensions for disability or death under the Employees’ Compensation program, which is for work-connected contingencies.

De Quiros said the agency released the funds for December pensions to its partner banks as early as Nov. 22.

SSS pensions are credited monthly to bank accounts of members and beneficiaries depending on the date of contingency. For example, a member who retired on Jan. 16 can withdraw retirement pensions every 16th day of the month.