State-run Social Security System disbursed over P62.19 billion worth of pensions in the first five months of this year, up P4.84 billion year-on-year.
SSS president and chief Executive officer Aurora Ignacio in a statement attributed the growth in disbursements to the increase in the number of pensioners, which rose from 2.4 million in May 2018 to 2.5 million in May 2019.
“We are happy to see our pensioners enjoying their monthly pensions after many years of saving with SSS. They are finally reaping the benefits of the years of their hard work when they were still part of the labor force,” said Ignacio.
The SSS provides three types of pensions, namely retirement, death and disability.
The pension fund has more than 1.5 million retiree-pensioners, over 940,000 survivorship-pensioners and 85,000 disability pensioners as of May this year.
Retiree-pensioners are members who have reached the age of 60 with at least 120 monthly contributions prior to the semester of their retirement. Survivorship-pensioners are primary beneficiaries of deceased members who have paid at least 36 monthly contributions prior to the semester of the member’s death.