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Friday, May 22, 2009

SSS benefit payments hit P68B in 2008

Social Security System disbursed a total of P67.92 billion  for benefits of members last year, up 12 percent from P60.75 billion
in 2007, a ranking official said today.

SSS President and Chief Executive Officer Romulo Neri said payments  for retirement and death benefits, which posted double-digit growths
in the past year, combined for 84 percent of the total or P57.36  billion.

He said SSS disbursed 13 percent more for retirement claims, which  rose to P32.68 billion from P28.91 billion in 2007, and payments for
death benefits amounted to P24.68 billion last year, up 12 percent  from P21.97 billion.

Neri said maternity benefits, which grew to P3.27 billion from P2.87 billion in 2007, posted the highest increase at 14 percent, while disability claims grew two percent to P3.29 billion, and funeral grants at seven percent to P2.25 billion.

"Benefits are based on the number and amount of contribution payments,  so we urge members to make paying SSS premiums a habit," Neri
said. "More contributions mean more benefits during times of need."

For self-employed and voluntary members, the deadline for paying  contributions falls on the 20th day after the applicable month or
quarter, while employers are required by law to remit employees'  monthly premiums on or before the tenth day of the following month.

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