SSS collections up

The Social Security System (SSS) collected P25.58 billion from members’ contributions during the first quarter of the year, up 7.8 percent from the P23.74 billion collected in the same period in 2012.

Of the total, 4.8 percent or P1.24 billion came from members’ contributions in Southern Mindanao.

SSS president and chief executive officer Emilio de Quiros Jr. said Southern Mindanao’s collection represented a five-percent improvement from the previous year’s collections of P1.18 billion.

The bul * of the contributions came from the employed sector amounting to P21.95 billion, an increase of 7.2 percent from last year’s P20.47 billion.

Voluntary payments increased 19.4 percent to P2.24 billion, while selfemployed collection eased 0.5 percent to P1.39 billion of the total collection contribution in 2013,” De Quiros said.

Total benefit disbursements, on the other hand, decreased to P21.19 billion. Southern Mindanao’s benefit disbursement also dropped by two percent to P1.29 billion from P1.32 billion last year.

The state pension fund’s investment income amounted to P10.49 billion, exceeding its target of P9.32 billion by 12.6 percent. However, the amount fell short by 9.3 percent when compared to its P11.56 billion investment income in 2012.

Operating expenses also showed a decrease from P1.86 billion in 2012 to P1.74 billion in 2013.

- Zinnia dela Peña, Iris Gozales