SSS improves benefits disbursement in H1

ABS-CBN News

Posted at Aug 26 2014 05:08 PM | Updated as of Aug 27 2014 01:08 AM

MANILA, Philippines - The Social Security System (SSS) said it increased benefit disbursements to its members in the first half of the year.

SSS president Emilio S. de Quiros, Jr. said the pension fund improved benefits disbursements by 14 percent to P50 billion by the end of June. This was attributed to improved processing of claims, particularly for death, disability and retirement.

He said they also added three more years to the fund's actuarial life, which is projected to last until 2042.

As of June, SSS total assets stood at P423 billion, backed by solid financial performance due to investment growth and the increase in the contribution rate and maximum salary credit.

Also, the SSS said its total membership stood at 31 million as of June. This includes 23 million employed members, 4.2 million self-employed, 3.2 million voluntary members and one million OFWs.