MANILA, Philippines – National pension fund, the Social Security System (SSS), recently released P102.8 billion worth of social security and employees’ compensation (EC) benefits, covering the period of 2014..
“More than half of the benefit payouts in 2014 were on retirement claims amounting to P56.1 billion or 54.6% of the total disbursements,” SS President and Chief Executive Officer Emilio S. De Quiros Jr. said.
He also explained that due to the increasing number of people dependent on the SSS, there has been 12.5 percent year-on-year escalation in disbursement benefits, and in the organization’s marketing efforts.
The total payouts were broken down, as follows:
• Death benefits – P33.7 billion
• Funeral grants – P2.9 billion
• Maternity benefits – P1.9 billion
• Sickness compensation – P4.4 billion
• Disability compensation – P3.8 billion for.
A sum of P17.4 billion went to EC medical services and rehabilitation, covering reimbursements of work-related illnesses and injuries.