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Over 2 million SSS pensioners to receive P6.3B in 13th-month pension

By: - Reporter / @bendeveraINQ
/ 11:53 AM December 12, 2015

Pensioners of state-run pension fund Social Security System (SSS) this month will receive a total of P6.3 billion in their 13th-month pension.

In a statement on Friday, the SSS said the release for retirement, disability and death pensioners was made in time for Christmas celebrations. The SSS has been giving away the 13th-month pension benefit since 1988.

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“With the 13th-month pension, SSS pensioners would receive double the amount of their regular monthly pension this month,” noted Agnes E. San Jose, vice president at SSS’ benefits administration division.

“The allotted funds for the 13th-month pensions were already disbursed to SSS partner-banks in November. As in previous years, SSS pensioners can expect to receive their 13th-month pension at the same time as their regular December pensions,” San Jose said.

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According to the SSS, more than 99 percent of their pensioners could get their monthly pensions directly through their designated savings accounts under the Pension Payment through the Bank Program, which was formerly known as the “Mag-Impok sa Bangko” program.

As for an estimated 12,500 pensioners, they will receive their pension checks through the mail “due to reasons such as lack of automated teller machines in their area,” the SSS said.

“Almost P6.31 billion for 13th-month pensions are scheduled for release through pensioners’ bank accounts. The remaining P34.6 million would be in the form of checks mailed to the designated addresses of the other pensioners,” according to San Jose.

The SSS said it already deposited the funds to be distributed as 13th-month pension to the respective banks of pensioners as early as the middle of November. “SSS partner-banks would then credit the money to pensioners’ bank accounts, and these pensions are allowed for withdrawal in accordance with the member’s date of retirement, death or disability,” it explained.

“Given a member who retired on Jan. 15 and whose spouse, who was also an SSS member eligible for pension, passed away on Mar. 20 would able to withdraw his SSS retirement pension every 15th day of the month, and SSS death pension every 20th day of the month,” San Jose said.

According to the SSS, it provides pensions for death, disability and retirement under its Social Security (SS) Program, as well as for death and disability under its Employees’ Compensation (EC) Program.

“SS retirement pensions of P4.01 billion accounted for over 60 percent of the funds allotted for 13th-month pensions. Meanwhile, P2.06 billion was disbursed for SS death pensions, P200.30 million for SS disability pensioners, P52.71 million for EC death pensions, and P5.21 million for EC disability pensioners,” the SSS disclosed. RAM

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TAGS: celebrations, Christmas, death, disability, fund, pension, pensioners, Release, retirement, Social Security System, SSS
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