SSS Retirement Benefits Top P156.7 Billion in 2023
In a remarkable display of social security’s impact, the Social Security System (SSS) of the Philippines has announced that retirement benefits have become the most availed SSS benefit in 2023, with a staggering P156.7 billion disbursed to 2.2 million members.
Joy A. Villacorta, SSS Vice President for Benefits Administration Division, highlighted that nearly half of the 4.7 million benefits distributed last year were for retirement, marking a 10.7 percent increase from the previous year’s P141.5 billion. This surge underscores the growing reliance on SSS for post-retirement financial support, with the majority of beneficiaries being pensioners.
Retirement benefits, designed to support members who are no longer able to work due to old age, are granted to those with a minimum of 120 monthly contributions, ensuring a lifetime monthly pension. Those with fewer contributions receive a one-time lump sum.
Following retirement benefits, death benefits ranked second with P70.1 billion released to 1.4 million beneficiaries, a slight decrease from 2022’s figures. Maternity benefits also saw an uptick, with P14.1 billion disbursed to 357,000 members, reflecting a 9.6 percent increase from the previous year.
The Expanded Maternity Leave Law (EMLL) ensures that female members are eligible for maternity benefits at every instance of pregnancy since March 2019, provided they meet the contribution requirements.
Disability benefits, funeral benefits, and sickness benefits followed in terms of disbursement amounts, with notable increases in each category. The disability benefit, in particular, saw a 16.3 percent rise from 2022, reaching P7.5 billion.
The least availed benefit was unemployment, with P914.1 million disbursed to 64,000 members, indicating a 4.9 percent decrease from the previous year and reflecting the improving conditions of the Philippine labor market.
Overall, SSS benefit payments in 2023 amounted to P257.4 billion, marking a 6.9 percent increase from the P240.6 billion disbursed in 2022. This growth signifies the vital role of SSS in providing financial security to its members across various life events.