SSS member contributions up 9% in H1


Posted at Sep 05 2012 05:57 PM | Updated as of Sep 06 2012 06:58 AM

MANILA, Philippines - The Social Security System (SSS) collected P46.68 billion in contributions from its members in the first half of the year, 9% higher than P42.72 billion a year ago.

In a statement, SSS president and CEO Emilio de Quiros Jr. said 39% of the total contributions were from over-the-counter payments at SSS accredited banks, which collected P18.12 billion in the 6-month period.

"Other popular payment channels for contributions are SSS branch tellers and the SSSNet facility, which enables companies, especially those with hundreds of employees, to pay monthly premiums conveniently and accurately via the internet," he said. 

SSS said premiums from employees and household helpers as of end-June reached P40.66 billion, a 9% year-on-year increase from P37.23 billion.

Contributions remitted by overseas Filipino workers jumped 14% to P1.25 billion during the period.

Self-employed members, such as entrepreneurs, professionals, informal sector workers, farmers and fisherfolk, contributed P2.5 billion, a 6% increase from the previous year.

Premiums from voluntary members went up 11% to nearly P2.3 billion.

De Quiros urged members to enroll in the SSS website to gain access to their records such as membership data and posted contributions. 

"By giving members open access to their records through the website, they can monitor discrepancies and refer them to us for correction early on, instead of waiting until retirement age to amend inaccuracies that can affect the processing of their benefits," he said.