SSS earns P115.7B revenues in 2014

CEBU, Philippines - The Social Security System hit P115.7 billion in total revenues as of September 2014, with 77% of its income coming from members’ contributions.

Data from SSS showed that in the first nine months of 2014, its contribution collections amounted to P89.04 billion while investments and other income totaled P26.7 billion.

In 2013, consolidated revenues of SSS grew 7.3% to 137.4 billion from P128.1 in 2012.

In the nine-month period of 2014, investments of SSS reached P422.4 billion; bulk of the money was invested in government securities. SSS also invested into equities, loans to members, bank deposits, corporate notes and bonds and real estate. SSS’ assets totaled P436.4 billion.

Salary, educational and housing loans granted by the social insurer granted from January-September 2014 amounted to P21.8 billion. The agency granted salary loans amounting P21.1 billion, the biggest among the three.

Benefits which include social security and employees’ compensation totaled P76.2 billion. These benefits were also granted to pensioners at the beginning of 2014.

Most of the pensioners availed social security which comprises retirement, death and disability, aside from employees' compensation.

On the other hand, SSS registered a total of 31,804,275 employers, employees, self-employed individuals and voluntary members around the country as of third quarter in 2014.

In Central Visayas, the agency registered 1.9 employee members, 95,988 employers, 249,350 self-employed people and 252,835 voluntary members. — Carlo S. Lorenciana (FREEMAN)