SSS benefit payments rise 7% in 2010

MANILA, Philippines - State-run Social Security System (SSS) benefit payments increased by 7 percent to P77.17 billion last year, including P38.23 billion paid out to retirement claims of more than 800,000 members.

In a statement, Emilio de Quiros, Jr., SSS president and chief executive said 36 percent of total payments amounting to P27.65 billion went to death benefits for families of about 740,000 members.

"SSS entitles workers to many types of benefits," he said. "Monthly contributions help members save for retirement and give them a safety net during contingencies that disrupt their capacity to earn."

The pension fund provides retirement, sickness, maternity, disability, death and funeral benefits. Membership is mandatory for private sector employees and self-employed workers.

Members with work-related contingencies get additional benefits under the Employees' Compensation (EC) program, which SSS administers for private sector workers. About P824 million in death benefits made up 76 percent of the P1.09 billion EC disbursements last year.

De Quiros said SSS has proposed a 0.6 percent increase in contribution rate to 11 percent and P5,000 increase in maximum monthly salary credit to P20,000 to allow higher benefits, a 10 percent across-the-board pension increase and P500 one-time grant to pensioners.

"The average monthly pension is about P3,500 and we want pensions to be nearer the amount of their last salary. Members are being deprived of proper benefits because of limitations in the SSS structure, which we are now trying to adjust gradually," he said.

The adjustments would enable SSS benefits to catch up with workers in the public sector, whose contribution rate of 21 percent under the Government Service Insurance System covers their entire monthly salary, De Quiros said.

"The small steps we are taking are also directed towards a perpetual SSS fund life. The proposed reforms would add seven years to the SSS fund life, extending it from 2039 to 2046," he said. (CSL)

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Billionaire finds wreck of WWII ship in Phl
    Billionaire finds wreck of WWII ship in Phl

    Microsoft co-founder Paul Allen says he has found the Japanese Navy’s biggest warship at the bottom of the sea in the Philippines, 70 years after US forces sank it. Allen posted a photo on Twitter on Tuesday of the World War II battleship Musashi’s rusty bow, which bore the Japanese empire’s Chrysanthemum seal. The American billionaire, who has also pursued space exploration, said his luxury yacht and exploration ship, the M/Y Octopus, found the Musashi one kilometer (1.6 miles) deep on the …

  • Miriam bucks house arrest for Enrile
    Miriam bucks house arrest for Enrile

    Sen. Miriam Defensor-Santiago believes granting Senate Minority Leader Juan Ponce Enrile house arrest, while former President Gloria Macapagal-Arroyo remains under hospital detention, will violate the equal protection clause of the Constitution. “That’s already a violation of the equal protection of the law,” she said. …

  • 8 of 10 cities most at risk from natural disasters located in Phl – study
    8 of 10 cities most at risk from natural disasters located in Phl – study

    Eight of 10 world cities most exposed to natural hazards are in the Philippines and more than half of the 100 cities most exposed to earthquakes, storms and other disasters are in four Asian nations, according to a research. The study, published on Wednesday by risk analysis firm Verisk Maplecroft, analyzed the threat posed by storms, floods, earthquakes, tsunamis, fires, volcanoes and landslides in more than 1,300 cities. The study found that the 10 cities most at risk are Port Vila in …

  • US ambassador recovers from knife attack praised by N. Korea
    US ambassador recovers from knife attack praised by N. Korea

    The US ambassador to South Korea, Mark Lippert, was recovering from surgery Thursday after having his face and arm slashed by a knife-wielding activist in an attack applauded by North Korean state media. The United States condemned the "act of violence" which saw the ambassador rushed to hospital where his condition was described as stable after two-and-a-half hours of surgery that included 80 stitches to a deep gash on his right cheek. During the assault, Kim screamed a slogan in favour of …

  • World's oldest person wonders about secret to longevity too
    World's oldest person wonders about secret to longevity too

    TOKYO (AP) — The world's oldest person says 117 years doesn't seem like such a long time. …

  • New Moro rebel group emerges
    New Moro rebel group emerges

    A radical Muslim cleric trained in the Middle East and considered one of the leaders of the Bangsamoro Islamic Freedom Fighters (BIFF) has broken away from the terror group to form his own band of jihadists who are now reportedly providing sanctuary to bomb expert Basit Usman and at least five foreign militants, the military said yesterday. Armed Forces of the Philippines (AFP) spokesman Col. Restituto Padilla, citing reports from the field, said the Justice for Islamic Movement (JIM) was …

  • Ohio mom, boyfriend guilty; child emailed teacher for help

    PORTSMOUTH, Ohio (AP) — A woman and her boyfriend pleaded guilty to raping her young children and were sentenced to prison on Wednesday, a year after one of her daughters emailed a teacher for help and said she and her siblings were being chained to their beds, deprived of food and sexually assaulted. …

  • UNA hits PNP selection process
    UNA hits PNP selection process

    The United Nationalist Alliance (UNA) hit yesterday the apparent machinations in the selection of the new Philippine National Police (PNP) chief. Navotas Rep. Toby Tiangco, UNA interim president, said the administration and the ruling Liberal Party (LP) are perpetuating the bata-bata or patronage system in the selection process of the police chief. “They will start this by maneuvering the appointment of Gen. Garbo as PNP chief,” said Tiangco, referring to one of the top contenders for PNP …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options