SSS Has Distributed Over ₱2.49T in Over 45M Claims Since 1957

The Social Security System (SSS) has released a statement saying that a total of ₱2.49 trillion benefits were distributed throughout 45 million claims it had recorded from the beginning of its operations back in September 1957 up until August 2022.

As SSS approached its 65th year of service, they noted that around 90% of the released disbursements were pegged for retirement benefits at almost ₱1.33 trillion. Death benefits follow suit at ₱792.92 billion, then disability benefits at ₱119.18 billion. All in all, these would total an estimated ₱2.24 trillion.

Short-term benefits account for the last 10% with maternity benefits pegged at ₱120.91 billion,  unemployment benefits at ₱3.69 billion, funeral benefits at ₱68.17 billion, employees’ compensation medical or rehab services at ₱1.77 billion, and sickness benefit with ₱56.92 billion.

“From 1957 up to 2021, we recorded annual increases in the number of benefit disbursements, except only for 2020 due to the Covid-19 pandemic. Our ₱223.98 billion benefit disbursements for 2021 are at an all-time high. This year, however, we are on track to exceed this amount as for the first eight months of 2022, we have already disbursed P165.04 billion benefits, which is 7.1% more than the P154.05 billion disbursed for the same period last year,”  mentioned SSS President and CEO Michael G. Regino.

According to Regino, if the total SSS benefit disbursements were adjusted to account for inflation, the amount would number to ₱3.77 trillion for long-term benefits and ₱433.24 billion for short-term benefits.

The steady increase of benefit disbursements of the SSS can be linked to the consistent addition of benefits, a rise in the number of members, and membership coverage expansion.

Source: Business Mirror