SSS reports higher H1 collections

The Social Security System (SSS) collected P8.51 billion in contributions in Luzon provinces in the first half of 2011, said the latest data from the state-owned pension fund for private employees. This represents a 10-percent rise from the collections in the same period in 2010, data showed. SSS president and CEO Emilio de Quiros Jr. said that of this amount, employees’ monthly premiums amount to P7.13 billion, over half of which belongs to workers based in industrialized regions or those with a large number of export processing zones. De Quiros also said self-employed workers remitted P850 million or 10 percent of the total amount. “The employed sector accounted for 84 percent of the collections because majority of our members are private sector employees. About P850 million or 10 percent of the total were from self-employed workers and over half a billion pesos were from voluntary members," he said. Together with other senior officials, De Quiros recently met with stakeholders in Naga City for the Bicol leg of SSS’ series of consultative meetings that seek to promote transparency between SSS members and its management, and to gather feedback on SSS plans and programs. De Quiros noted that direct payments at SSS branches have been the most popular means of remitting contributions to the agency. “Direct payment at SSS branches is the most popular means of paying contributions in Luzon. A total of P4.32 billion, or over half of the total contribution collections, were paid by employers and members through SSS branch tellers," he said. Contributions remitted through banks, meanwhile, totaled P4.19 billion, of which P2.88 billion came from over-the-counter payments, P1.3 billion through the SSSNet facility for employers, and P1.73 million from Auto Debit Arrangements for members with accounts in accredited banks. - PE/KBK, GMA News