MANILA, Philippines - The Social Security System (SSS) has disbursed P102.8 billion in social security and employees’ compensation (EC) benefits to its members in 2014.
SSS President and Chief Executive Officer Emilio S. De Quiros Jr. said the 12.5 percent year-on-year increase in benefit disbursement is because of the growing number of members who depend on SSS, as well as the pension fund's marketing efforts.
"More than half of the benefit payouts in 2014 were on retirement claims amounting to P56.1 billion or 54.6% of the total disbursements," he said.
Death benefits stood at P33.7 billion, representing 32.8% of the total payouts. Death benefit is either lump sum payment or transfer of monthly pension to the legal dependent spouse and minor children.
The SSS also paid P2.9 billion in funeral grants, P1.9 billion for sickness, P4.4 billion for maternity and P3.8 billion for disability. The sickness and disability payouts include EC payments.
The pension fund also released P17.4 billion in EC medical services and rehabilitation which are reimbursements for expenses incurred by members for work-related illnesses and injuries.
"EC medical reimbursements are expenses for hospitalization, recuperation and medicines while rehabilitation expenses are payments to services provided to member-employees until they have fully recovered from their work-related injuries,” said de Quiros.
The SSS added 25 new branches and 13 service offices usually located in malls in 2014.
For 2015, SSS will open five new branches and five service offices while also enhancing electronic and self-service transactions for its 32.1 million members.