SSS releases about P1.45-T benefits in 60 years
SURIGAO CITY, Sept. 8 - State-run Social Security
System (SSS) said it has disbursed nearly P1.45 trillion worth of benefits to
its members since it started operations in 1957.
Celebrating its 60th year, SSS president and chief
executive officer Emmanuel F. Dooc said that benefit disbursements of the
pension fund grew nearly 20 million times from P80,000 in benefits paid in its
first year of operations in 1957 to P1.45 trillion as of end the first semester
of 2017.
“This year, as the pension fund celebrates another
milestone year, we look back with pride that SSS has been a staunch ally of its
members for six decades now, as we look forward with hope that the pension fund
will continue to stand strong, ready to help its members through difficulties
and milestones of their lives for generations to come,” Dooc said.
Benefit disbursements pushed total expenditures of
the pension fund to P1.58 trillion as of the end of June 2017.
Revenues for the 60-year period also jumped to
P2.08 trillion as of the end of June 2017 from P6.62 million in 1957. This was
backed by the increase in members’ contributions from P6.58 million in 1957 to
P1.51 trillion as of end of the first half of 2017. Investment and other income
from P40,000 in the pilot year grew to P567.53 billion as of end of the first
half of 2017.
“The pension fund’s income from contributions and
investments has always been the strong pillar and source of benefits for
members. With the current proposal to amend the SSS Charter, such as
rationalizing the power of the Social Security Commission to allow the SSS to
invest in more feasible and profitable investments, we hope to serve our
members better through better benefits and services,” Dooc said.
Assets of the pension fund, meanwhile, also
improved through the years from the initial P6.37 million in 1957 to P501.49
billion as of end first semester of 2017.
Latest data showed SSS membership now stood at
P35.5 million from a mere 224,156 members in 1957.
From an office space stationed in Manila, SSS now
has 301 local and foreign offices. Its workforce has also expanded through the
years as it serves more members. From the 211 personnel in 1957, the SSS now
employs 6,670 regular personnel and 2,200 service bureau personnel.
SSS was established in 1957 by virtue of Republic
Act 1161 or the Social Security Act of 1954. Due to numerous objections from
the business and labor groups in 1954, the execution of the law was delayed
until it was finally implemented on September 1, 1957.
SSS held its anniversary program on September 6,
2017 at its main office in Quezon City with President Rodrigo Roa Duterte as
the keynote speaker. (SSS/PIA-Surigao del Norte)
