SSS posts record-high revenues in 2023
THE SOCIAL Security System (SSS) posted record-high revenues of P362.2 billion last year, beating the goal for the year amid increased contribution collections and investment income.
The revenues seen last year surpassed the state pension fund’s P330.8-billion target by 9.5%, it said in a statement on Wednesday.
“Our 2023 financial performance is indicative of the efforts of the SSS management and employees in intensifying its collection activities and the prudent management of our investments,” SSS President and Chief Executive Officer Rolando L. Macasaet said.
SSS collected P309.12 billion in contributions in 2023, he said, which exceeded the P294.49billion goal and was 18.2% higher year on year.
“This is attributed to new paying members, improved collection from delinquent employers, and the 2023 contribution rate hike. Additionally, the remaining P53.08 billion came from revenue from investments,” Mr. Macasaet said.
The SSS implemented a 1% hike in its contribution rate to 14% in January 2023. Mr. Macasaet said this generated an additional P27.84 billion last year.
SSS also recorded 1.4 million new paying members last year, adding P10.48 billion to total contributions collected.
“New initiatives were implemented to expand the SSS membership and to reach out to more workers,” SSS Executive VicePresident for Branch Operations Sector Voltaire P. Agas said.
The increase in contributions last year was also driven by better collections of delinquencies from employers, he added.
Meanwhile, revenues from investment and other income stood at P53.08 billion, also beating the P36.31-billion target.
“Total revenues from investment and other income last year were also higher than the P44.72-billion revenue generated in 2022, which indicates that SSS investment portfolio is being managed well and that we continue to perform well in our investment activities whatever the prevailing market conditions,” Mr. Macasaet said.
Expenditures, which included benefit payments and operating expenses, went up to P270.48 billion in 2023 from P253.56 billion in 2022. Benefit payments rose to P259.03 billion last year from P242.81 billion in 2022. —