SSS assures members of solid finc’l position

The state-run Social Security System (SSS) assures members of it strong financial position despite higher expenses as a result of the increase in pension to its members.

In a briefing, SSS president and chief executive officer Emmanuel Dooc said while it has been incurring higher expenses, collections have nevertheless been growing.

Last March, the SSS disbursed around P7 billion to about 2.2 million pensioners, representing the first tranche of the P2,000 hike in pension.

In the first quarter, the agency released a total of P44.77 billion, 43.06 percent higher than the P31.3 billion disbursed the previous year. This was driven by increased investment income.

Dooc said the higher collections were driven fund’s collection initiatives such as operation tokhang and as well as the signing of agreements with professional groups.

The state pension fund is looking to invest in the Duterte administration’s Build Build Build program to boost its revenues.

SSS supports the administration’s “Dutertenomics,” which aims to ensure economic inclusion of all Filipinos by dramatically raising funds.

“Healthy economic performance will lead to better business for the employers that will eventually be translated to their employees, giving them space for savings such as social security protection that they may use in times of contingencies and retirement.

More jobs will expand our membership, increase our contribution revenues and improve the ratio of our actively paying members to the number of pensioners which will result in a more robust SSS,” Dooc added.

The pension fund also expressed its support for the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN).

Dooc said the holistic passage of the tax reform package would benefit the low and middle income earners especially with the provision to adjust the long-overdue income tax brackets in the country.

“Based on the tax reform proposal of the Finance department, families receiving a combined monthly income of between P13,000 and P40,000 will have their take-home pay increased between P1,100 and 3,500 per month or P14,000 to P42,000 per year,” Dooc said.

Member contributions grew 9.6 percent in the first four months of the year to P52.18 billion.