Social Security System said unaudited revenues in the first 11 months of 2016 rose 8.34 percent to P160 billion from a year ago, driven mainly by improvements in members’ contribution and higher investment income.
SSS said that as of end-November, members’ contribution grew 8.7 percent or P10.51 billion to P131.28 billion from P120.77 billion a year earlier.
“One of our goals for the pension fund this year is to expand our membership. We would also like to retain the current membership number as it comprises more than 82 percent of our total revenue income,” SSS president Emmanuel Dooc said in a statement.
Expenditures increased 18.4 percent to P131.06 billion from P110.70 billion amid the 25.46-percent increase in disbursements in retirement benefits.
Expenditures for retirement, death and disability stood at P72.56 billion, P36.21 billion and P4.17 billion, respectively.
Expenses in the 11-month period pulled the net revenue to P28.96 billion, down 21.7 percent from the P37 billion a year ago.