The Social Security System (SSS) reported an increase in cash benefits for elderly members who could no longer work that benefited over two million Filipinos.
The SSS said on Friday, Mar. 8, that the pension fund released around P157 billion in retirement benefits to 2.2 million members from January to December last year.
Among all of the benefits claimed by members, retirement claims continue to be the highly sought-after benefit in the SSS.
According to Joy Villacorta, SSS vice president for benefits administration, over 4.7 million benefits were handed out to pensioners, members, and beneficiaries in 2023, as 47 percent availed of retirement benefits.
Last year’s disbursement of retirement went up by 10.7 percent from its previous year with P141.5 billion. Additionally, around 87 percent of the total payees were SSS pensioners.
“Retirement benefit is a cash benefit being granted by SSS to a member who can no longer work due to old age. Members who paid at least 120 monthly contributions will get a lifetime monthly pension while those with less than 120 monthly contributions will receive a one-time lump sum amount,” she elaborated.
Aside from retirement, death benefits were the second most claimed in the pension fund but had a slightly lower rate in 2023.
To compare, P70.1 billion was given to 1.4 million death beneficiaries, a slight decline from P70.2 billion given to 1.3 million claimants in 2022.
“Deceased SSS members with 36 monthly contributions will entitle their beneficiaries to a monthly pension,” Villacorta said. “Beneficiaries of those with less than 36 monthly contributions will get a one-time lump sum amount.”
Meanwhile, maternity claims ranked third most availed in the SSS. The benefits increased within a year from 9.6 percent or P12.9 billion to P14 billion.
Under the Expanded Maternity Leave Law (EMLL), the maternity benefit is given to the eligible mother in the instance of pregnancy.
“Female members who have paid at least three monthly contributions in the last 12 months before the semester of childbirth, miscarriage, or emergency termination of pregnancy can avail of the maternity benefit,” Villacorta explained.
Other benefits below the most claimed by the SSS members are under the disability, funeral, and sick payments.
Disability benefits had P7.5 billion given to 130,000 members in 2023, which was a large increase from P6.4 billion in the previous year.
The SSS stated that those who wish to claim the benefit must have paid at least 36 monthly contributions, as those below that can receive a lump sum amount.
Funeral benefits garnered P4.8 billion given to 211,000 members, while sick claims had P3.2 billion disbursed to 376,000 members.
“Claimants of deceased members with 36 or more monthly contributions may receive a variable amount from P20,000 to P60,000 depending on the number and amount of contributions paid by the member,” the SSS official said, adding that those who have yet to pay the 36 monthly contributions will get a fixed P12,000 funeral aid.
“The sickness benefit is a daily cash allowance paid for the number of days a member cannot work due to sickness or injury,” she added.
Lastly, unemployment benefit disbursements went down by nearly five percent.
According to the SSS, the minimal shift reflects the improvement in the country’s labor market, as unemployment claims had a total of P914 million handed out to 64,000 members last year.
The overall benefit payments handled by the SSS last year went up by almost 7 percent, from P240.6 billion to P257.4 billion.