CENTRAL VISAYAS,
July 15 (PIA) --- The Social Security System (SSS) paid out to members in
Central Visayas P2.04 billion in benefits for the first four months of 2015,
posting a double-digit growth from the same period last year.
SSS Assistant Vice President for Central Visayas Division Helen
Solito said disbursements for Social Security and Employees Compensation (EC)
benefits increased by 14 percent or P252 million higher than 2014 record.
“Payments for our existing retiree, disability and survivor
pensioners comprised the biggest share amounting to P1.83 billion or nearly 90
percent of the total disbursements. The other 10 percent consisted of initial
and lump sum payments in pension and short term benefits.” the official noted.
Lump sum benefits pertain to one-time payouts for members who have
not met the minimum requirements to qualify for a pension, while initial
pension is for the accrued amount resulting from delayed applications for due
benefits.
From January to April 2015, initial and lump sum benefits paid to
members in the region were as follows: P4.69 million, retirement; P48.65
million, death; P7.25 million, disability; P50.02 million, maternity; P12.09
million, sickness; P85.54 million, funeral; and P340,000, EC medical services
and rehabilitation.
“The increase in benefit releases also mirrors how much people
rely on social security in times of financial need. Not only they see it as
source of immediate cash, but also recognize their SSS savings as long-term
investments,” Solito said.
SSS is the biggest pension fund in the country in terms of
membership with over 32 million members worldwide. As of April 2015, SSS
membership in Central Visayas widened to 2.4 million members, including some
24,000 new registrants.
“Aside from SSS and EC benefits, a large number of salary loan
applications were received by our SSS offices from January to April 2015. For
the period, we have granted about P548 million in salary loans and P15.41
million in educational loans,” Solito said.
Solito who was with SSS President and Chief Executive Officer
Emilio S. de Quiros Jr. and other SSS senior officials in Samar province for a
regional visit said the recent contribution rate hike and new monthly salary
credit that was implemented last year also paved way for higher benefits.
“The higher figures posted, particularly for retirement were still
an offshoot of the reforms we have taken last year,” she said, noting that SSS
pensions were raised by five percent in June 2014, a few months after the
11-percent contribution rate was adopted.
SSS operations in Central Visayas cover the areas within the
provinces of Cebu, Bohol, Samar, and Leyte. (rmn/PIA7/SSS Media Affairs
Department)