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Manila Bulletin devider Business devider As 2025 contribution hike looms, SSS net income up 38.4% at end-September

As 2025 contribution hike looms, SSS net income up 38.4% at end-September

Published Dec 16, 2024 04:41 am

Ahead of the legislated final round of increase in members' contribution rate to 15 percent next year, the Social Security System (SSS) grew its net income by nearly two-fifths to P78.3 billion as of end-September this year.

The SSS's latest condensed statement of comprehensive income showed its bottom line increased by 38.4 percent from P56.6 billion in the first nine months of 2023.

The total income of the state-run pension fund for private-sector workers jumped to P308.5 billion during the nine-month period from P270.9 billion a year ago.

In particular, end-September service and business income—mainly derived from members' monthly contributions—rose to P285.1 billion from P258.3 billion last year.

Nine-month gains from investment activities also climbed to P22.8 billion from a year ago's P12.1 billion, alongside a more than doubling of other non-operating income to P536.1 million in the same period.

Under Republic Act (RA) No. 11199 or the Social Security Act of 2018, the SSS can invest as much as 15 percent of its investment reserve fund. Prior to RA 11199, which amended the SSS's charter in 2019, the foreign investment cap used to be just 7.5 percent of the fund.

Meanwhile, the SSS's total expenses from January to September increased only minimally to P230.2 billion from last year's P214.3 billion.

Benefit payments to pensioners and members grew to over P209 billion from P193.9 billion a year ago.

Its financial, non-cash, as well as maintenance and other operating expenses (MOOE) all rose year-on-year during the first nine months, offsetting the drop in expenditures on personnel services to P5.9 billion from a year ago's P6.4 billion.

The SSS targets a full-year 2024 net income exceeding P100 billion—about a fifth more than the record-high P83.1 billion in 2023, by increasing its membership, higher investment returns, plus prudent management of the pension fund.

Under RA 11199, the Social Security Commission (SSC)—the SSS's highest policy-making body -- is scheduled to further jack up members' monthly contribution rate to 15 percent, or one-percentage-point (ppt) higher than the current 14 percent, in 2025.

The amended SSS charter has been increasing the contribution rate from 11 percent previously to 12 percent in 2019, 13 percent in 2021, and 14 percent in 2023.

Under the said law, the SSC can implement contribution rate hikes even without the President's approval. In the past, only the country's chief executive could impose rate adjustments.

At present, Finance Secretary Ralph G. Recto chairs the SSC.

With RA 11199 in place, the SSS's fund life had been projected to last until at least the year 2054.

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