The Social Security System (SSS) has expanded the use of electronic disbursement channels to release benefits to its members.
SSS said from January to November 2020, about P168.55 billion is social security and employees’ compensation benefits were disbursed using banks, e-wallets, and remittance transfer companies/cash payout outlets (RTCs/CPOs).
This accounts for 98.6 percent of the total disbursements worth P170.87 billion to 3.68 million members and beneficiaries during the period.
“Our goal in this initiative is to provide our members, pensioners, beneficiaries, and covered employees with safer, faster, and more convenient means of receiving benefits and loans, as we comply with the East of Doing Business Act,” SSS President and CEO Aurora Ignacio said.
Retirement, Disability, Unemployment, Sickness and Maternity Benefits of individuals members, as well as Funeral and Death Benefits of beneficiaries who are SSS members are now coursed through Unified Multi-Purpose Identification card enrolled as an ATM card (UMID-ATM), Union Bank of the Philippines Quick Card, Philippines Electronic Fund Transfer System, and Operations Network (PESONet) participating banks, e-wallets, and RTCs/CPOs.
Meanwhile, non-member claimants of Funeral and Death Benefits can opt to receive the benefits through PESONet participating banks, e-wallets, and RTCs/CPOs.
Pension loans and short-term member loans for Salary, Calamity, and Emergency advances are released through UMID-ATMs and Union Bank Quick Cards. Member loans may also be released through PESONet participating banks.
Employer’s Sickness and Maternity Benefit Reimbursements are also paid through PESONet participating banks.
SSS issued circulars last year to implement mandatory checkless disbursements of benefits and loans. It includes pensioners who are receiving their monthly pensions through checks and non-PESONet participating banks who are given until March 31 to change their disbursements accounts into PESONet participating banks, e-wallets, or RTCs/CPOs.
From January to November 2020, the number of benefit disbursements through checks decreased 39.7 percent to 264,208 from 547,947 in the same period in 2019.
The Ease of Doing Business law seeks to increase efficiency by reducing the processing time, eliminating red tape, and curbing corrupt bureaucratic practices.
Unregistered members, pensioners, beneficiaries, and covered employees are advised to register their PESONet participating banks or e-wallet account or mobile number for disbursements through RTCs/CPOs. Disbursement account registration and uploading of proof account can be made through the Disbursement Account Enrollment Module (DAEM) listed under the E-Services tab of the My.SSS web portal in the SSS website.
“With the social distancing and health protocols issues to stem the spread of COVID-19, the importance of digital technologies has been redefined. We appreciate our covered employers, and members, pensioners, and their beneficiaries who supported our ongoing digital transformation. We stay committed to continuously look for ways to bring our services closer to you,” Ignacio said.