The state-run Social Security System (SSS) on Thursday said it has already released some P2 billion to its pensioners for the month of January 2017 as part of the recently approved P1,000 additional benefit for its pensioners.
SSS President and Chief Executive Officer Emmanuel F. Dooc said more than 2.04 million pensioners will be able to receive the additional P1,000 benefit on Friday, March 3.
“We are pleased to announce to our pensioners that the P1,000 additional benefit is now ready for withdrawal in their respective bank accounts while the remaining retroactive amount will be received in the next two Fridays of March (10 and 17),” Dooc said.
“The SSS will continue to find ways to make our pension fund viable so it can continuously serve current and future members in perpetuity,” Dooc added.
Based on the program re-run conducted by the pension fund’s Information and Systems Department, more than P2.04 billion were already deposited in the pensioners’ bank accounts which are ready for withdrawal on the announced date.
The P1,000 additional benefit for SSS pensioners was approved by President Rodrigo Duterte last Jan 10 while the order authorizing the release was signed last Feb 22.
All retirees, survivors and permanent disability pensioners will receive the P1,000 additional benefit, which also covers all future SSS pensioners.
SSS earlier estimated that around P6.9 billion is allotted for the release of the additional P1,000 benefit for the first quarter alone. This is on top of the P7.4 billion released per month since January 2017 for regular benefits.
More than 2 million SSS pensioners are expected to receive the initial additional benefit. The number of pensioners is expected to increase by about 350,000 next year.