According to the office, more than 1 million Social Security System (SSS) members have failed to pay contributions due to the coronavirus disease (COVID-19) pandemic.
From 17.6 million members who paid in 2019, it fell to 16.1 million. This equates to approximately 1.5 million deductions. This means that the SSS’s revenue was reduced by P19 billion.
“Our investments that we retire kaya sustained and paid for the benefits especially sa ating mga pensioners,” according to SSS President and CEO Rora Ignacio.
Meanwhile, SSS encouraged members to transact using their mobile app. It is said that the status of the benefits applied for, payment contribution, and salary loan application can be seen here.
The SSS is open to face-to-face transactions but by appointment due to the threat of COVID-19. Other transactions involve submitting requirements in person.
In April, SSS said it disbursed P6.23 billion disability benefits in 2020.
Over 1M SSS members fail to pay contributions due to pandemic
The pension fund said this amount benefitted 118,755 members with disabilities. However, the disbursements were 12.6% lower than in 2019.
“We facilitated the use of the dropbox system to minimize face-to-face transactions to curb the spread of the COVID-19 virus. Our top priority is the health and safety of our transacting members and our employees,” Ignacio said.
“We have pushed for the digitalization of all our services amid the pandemic. However, we are already working on disability and death benefits to be included in the pipeline soon for the safety and convenience of our members,” she added.
Pag-IBIG’s mandatory savings were only P34 billion from P38 billion due to the effects of the pandemic. However, the fund grew into voluntary MP2 savings.
“From P12 billion noong 2019 akala namin record-breaking na. Pero noong 2020, nagulat kami – naging P13.2 billion pa for 2020 ang aming nakolekta,” said Pag-IBIG Spokesperson Atty. Kalin Franco-Garcia.
In the early part of 2021, Pag-IBIG is gradually recovering because those who lost their jobs during the height of the pandemic have been employed.
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