State-run Social Security System (SSS) said yesterday that it has doubled the amount of its pensioners' regular pensions this month in light of the holiday season.
In a statement, Emilio de Quiros, Jr., SSS president and chief executive said the pension fund has disbursed P9.88 billion for December and 13th month pensions for about 1.6 million pensioners.
De Quiros said about P9.81 billion was credited to the savings accounts of 1.63 million pensioners, while P63.60 million more in pension checks were sent to 12,062 pensioners through mail.
"We disbursed an additional P210.84 million to 54,782 pensioners who benefited from our Special Pension Run on November 20, so that they too can receive their December and 13th month pensions in time for the Christmas season," De Quiros said.
"We also wrote to banks last month requesting them to release the 13th month pension within the first week of December," he added.
SSS' processing of pensions, called "Pension Runs", are done every 5th day of the month for the pensions of succeeding month. Thus, the December and 13th month pensions were processed last November 5 and the corresponding funds were disbursed to SSS-partner banks two weeks before December.
De Quiros noted that the SSS now holds a Special Pension Run every 20th day of the month, which is primarily aimed at processing the resumption of suspended pensions for those who complied with the Annual Confirmation of Pensioners (ACOP) past their designated schedule.
"We introduced the Special Pension Run this year to accommodate pensioners who comply with the ACOP after the 5th day of the month. With the additional pension run, their suspended pensions are reinstated in the month immediately after their ACOP compliance, unlike before when they had to wait for at least two months before their pensions were resumed," he added.
De Quiros also encouraged pensioners to mark in their 2013 calendars their ACOP schedule, which is the official date of the retirement, disability or death of the member, to facilitate the continuous release of their pensions. The ACOP, which was enhanced and re-launched this year, aims to ensure that only the rightful beneficiaries receive SSS pensions for disability, retirement or death.