SSS payouts grow 43%

The state-run Social Security System has reported a 43 percent increase in total disbursements to P44.77 billion in the first three months of the year versus P31.30 billion in the same period last year.

The growth was attributed to the release of the recently approved P1,000 additional benefit to more than two million pensioners last March, said SSS Pres- ident and Chief Executive Officer Emmanuel F. Dooc in a statement released last week.

SSS included in the computation the P1,000 added benefit to pensioners for the month of April since the agency deposits to partner banks one month in advance of the release of pension benefits to assure on-time crediting.

Retirement and death benefits accounted for 85 percent of the total disbursements at P24.24 billion and P13.63 billion, respectively. The SSS said the increase in benefit disbursements result- ed in a 67 percent drop in its net revenues in the first quarter to P4 billion from P12.3 billion.

Although there was an increase in disbursements, the SSS boasted of a 12.14 percent jump in total revenues from P43.5 billion in the first quarter of 2016 to P48.78 billion in the same period this year. Members’ contributions largely contributed to revenues at P39.55 billion.

Meanwhile, investments of the state-run firm and “other income” increased by 17.76 percent to P9.23 billion from P7.84 billion last year. /