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Wednesday, November 19, 2008

SSS Pays P1.18B for Benefits in Southern Tagalog

SAN PABLO CITY, Laguna - Benefit payments for the Social Security System’s (SSS) members at the Southern Tagalog region totaled P1.18 billion for the first nine months of the year, which was 12 percent higher compared with the P1.05 billion it paid during the same period in 2007, a top official said.
SSS President and Chief Executive Officer Romulo Neri said maternity benefits, which rose by 8 percent from P278.43 million in 2007 to P300.61 million this year, made up the biggest share of the total at 26 percent.
“We urge our members to remit contributions regularly so they could avail of SSS benefits, which help ease their financial burden in times of great need,” he said.
Death claims, which comprised 18 percent of total disbursements for the area, increased by 10 percent to P216.41 million from P197.14 million in 2007. Survivors of members who had paid a minimum of 36 contributions receive monthly pensions, while those with less are entitled to a lump sum benefit.
Neri said the pension fund also paid 19 percent more or P267.81 million for retirement benefits and 8 percent more for funeral claims, which totaled P221.14 million.
Disbursements for sickness claims amounted to P111.09 million, up 15 percent from P96.71 million last year. Disability benefits, which comprised only 5 percent of the total, increased by 27 percent to P60.81 million.
SSS members from the Southern Tagalog region fall under the pension fund’s South Luzon Cluster, which holds its primary office at the SSS San Pablo branch in Laguna.
The institution has over 1.6 million members under its South Luzon Cluster, about 75 percent of which are regular employees. Over 400,000 self-employed members in the region are also registered as SSS members.

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