THE Social Security System (SSS) reported P37.3-billion net profits in the first 10 months, or 14 percent higher than that posted in the same period last year.
This was attributed to higher collection of contributions of SSS members, which amounted to P100 billion, or 16.9 percent higher than contributions made during the same 10-month period in 2013.
“Contributions, which constitute 77.5 percent of our total revenues, registered improved growth primarily due to the employed sector. We also noticed immediate improvement in collections after we implemented the new contribution rate and increased the monthly salary credit this year,” SSS President Emilio de Quiros said.
For the period, employers remitted some P86.9 billion in employees’ contributions, followed by voluntary paying members at P8.6 billion, and self-employed at P4.5 billion.
Revenue from investments and other income amounted to P29 billion, or a modest increase of 1.9 percent from revenues these items generated in the January-to-October 2013 period.
The total expenditures of SSS, which include benefit payments, amounted to P91.7 billion. Most of this, or P85.6 billion, was used to pay off claims of SSS members. This was 13.7 percent higher than the amount used in January to October 2013 to pay off claims.
Of the P85.6 billion in payments to SSS members, more than half or P46.5 billion was used for retirement claims, while P28.1 billion was disbursed to survivors or deceased members.
“The increase in benefit payments resulted from the 5-percent across-the-board increase for 1.8 million SSS pensioners that took effect this June 2014. Also part of the reason for the increase was the pensions we advanced to 3,931 pensioners, including those affected by Zamboanga siege, Bohol and Cebu earthquake, typhoons Labuyo and Santi and to 17,394 pensioners affected by Supertyphoon Yolanda,” de Quiros said.
Meanwhile, SSS operating expenses was P6.1 billion, or 47.6 percent of the limit prescribed under its charter.
The financial position of the SSS showed that its total resources stands at P436.6 billion, which is 13.5 percent higher than 2013 yearend level of P384.6 billion.