The country’s Social Security System (SSS) disbursed a total of P102.8 billion in social security and employees’ compensation (EC) benefits to its members during the year 2014 according to the latest announcement released by the management of SSS.
According to SSS President and Chief Executive Officer Emilio S. De Quiros Jr., there was an increase of 12.5% year-on-year in benefits disbursement because of the growing number of members who depend on SSS, as well as the pension fund’s marketing efforts.
Based upon the SSS records for the year 2014, retirement claims amounted to P56.1 billion or 54.6% of the total disbursement of the SSS, while the death benefits stood at P33.7 billion, representing 32.8% of the total payouts.
The government agency which provides social insurance for private workers in the country also paid P2.9 billion in funeral grants, P1.9 bilion for sickness, P4.4 billion for maternity and P3.8 billion for disability.
The SSS Pension Fund also released P17.4 billion in EC medical services and rehabilitation which are reimbursements for expenses incurred by the members for work-related illness and injuries.
The Social Security System of the Philippines has more than 32.1 million members across various parts of the country. During the year 2014, SSS added 25 new branches and 13 service offices usually located in malls while in 2015, the SSS will open five new branches and five service offices and will enhance the electronic and self-service transactions for its members.