MANILA, Philippines - The Social Security System said yesterday it has released P11.02 billion covering the 13th-month bonuses and pensions of nearly two million retirees for December.
The amount represents an increase of seven percent from the P10.27 billion released by SSS for December and 13th month pensions of 1.7 million pensioners in 2012.
The 13th month pension is equal to the amount of the regular monthly pension of retirees and survivor pensioners, while for disability pensioners this excludes the carer’s allowance.
SSS members and beneficiaries getting regular pensions, including minor or incapacitated children of deceased members receiving dependent’s pensions, are entitled to the 13th month pension.
This is in line with the agency’s annual year-end tradition that started in 1988.
According to the SSS, funds for the December and 13th month pensions were released as early as November 15 to the agency’s partner banks, which in turn are tasked to credit the amount to pensioners’ bank accounts. Some 16,300 pensioners were scheduled to get the year-end benefit as pension checks were sent via registered mail.
SSS pensioners can withdraw their monthly pensions on a schedule based on the members’ contingency date for retirement, disability or death.
In view of the Christmas season, however, the SSS has requested banks to disburse the 13th month pensions as early as the first week of this month.
Over 99 percent of the pension fund’s 1.8 million pensioners are enrolled in the Pension Remittance Thru Banks Program, which enables them to withdraw their pensions directly from their single savings accounts through Automated Teller Machines (ATMs).
The SSS also releases pensions in the form of mailed checks to pensioners with approved requests for exemption from the program due to valid reasons such as in accessibilty of ATMs in their area.