State-run Social Security System (SSS) over the weekend said it has disbursed nearly P1.45 trillion worth of benefits to its members since it started operations in 1957.
Celebrating its 60th year, SSS President and Chief Executive Officer Emmanuel F. Dooc said benefit disbursements of the pension fund grew nearly 20 million times from P80,000 in benefits paid in its first year of operations in 1957 to P1.45 trillion as of end the first semester of 2017.
“This year, as the pension fund celebrates another milestone year, we look back with pride that SSS has been a staunch ally of its members for six decades now as we look forward with hope that the pension fund will continue to stand strong, ready to help its members through difficulties and milestones of their lives for generations to come,” Dooc said.
Benefit disbursements pushed total expenditures of the pension fund to P1.58 trillion as of end-June 2017 from P580,000 in 1957.
Revenues for the 60-year period also jumped to P2.08 trillion as of end-June 2017 from P6.62 million in 1957. This was backed by the increase in members’ contributions from P6.58 million in 1957 to P1.51 trillion as of end of the first half of 2017. Investment and other income from P40,000 in the pilot year grew to P567.53 billion as of end of the first half of 2017.
“The pension fund’s income from contributions and investments has always been the strong pillar and source of benefits for members. With the current proposal to amend the SS Charter, such as rationalizing the power of the Social Security Commission to allow the SSS to invest in more feasible and profitable investments, we hope to serve our members better through better benefits and services,” Dooc said.
Assets of the pension fund, meanwhile, also improved through the years from the initial P6.37 million in 1957 to P501.49 billion as of end first semester of 2017.
Latest data showed SSS membership now stood at P35.5 million from a mere 224,156 members in 1957.
From an office space stationed in Manila, SSS now has 301 local and foreign offices. Its workforce has also expanded through the years as its serve more members. From the 211 personnel in 1957, the SSS now employs 6,670 regular personnel and 2,200 service bureau personnel.
SSS was established in 1957 by virtue of Republic Act 1161 or the Social Security Act of 1954. Due to numerous objections from the business and labor groups in 1954, the execution of the law was delayed until it was finally implemented on September 1, 1957.
SSS will hold its anniversary program on September 6, 2017 at its main office in Quezon City with President Rodrigo Roa Duterte as the keynote speaker.