SSS revenue surpasses 2023 target by 9.5 percent

THE Social Security System (SSS) today announced that its revenue for 2023 jumped to P362.20 billion, surpassing its P330.80 billion revenue target by 9.5 percent, fueled by beefedup collection efforts and substantial income from its investments.

SSS President and Chief Executive Officer Rolando Ledesma Macasaet said the P362.20 billion revenue was the highest revenue so far attained by SSS.

“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. The P309.12billion contribution collection exceeds our 2023 target of P294.49 by P14.62 billion. It is 18.2 percent higher than the P261.44 billion collected in 2022,” Macasaet said.

In the 2023 unaudited financial statement, Macasaet noted that the contribution collection remained the primary revenue source of SSS last year, which stood at P309.12 billion.

“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,” he added.

1.4M new paying members

SSS Executive Vice President for Branch Operations Sector Voltaire P. Agas said a total of P10.48 billion in contributions from new paying members was collected last year.

“New initiatives were implemented to expand the SSS membership and to reach out to more workers. As a result, at least 1.4 million new members were added to SSS in 2023,” Agas said.

Improved collection from delinquent employers

Agas explained that the rise in contributions can also be attributed to the high collection of delinquencies from employers who are not remitting their employees’ contributions.

In 2023, he added SSS bolstered its efforts to pursue delinquent employers nationwide through our Run After Contribution