MANILA – The net income of the country’s state-run pension fund soared to Php 73.3 billion in 2019 or by 224 percent from the 2018 level of Php 22.6 billion partly because of the passage of amended charter that increases member’s contribution rate, and from investments and income from service and business sectors.
The latest condensed financial statement of Social Security Services (SSS) in 2019 showed that its total income rose to Php 248.9 billion from Php 217.1 billion in 2018.
In 2018, President Duterte signed into law Republic Act No. 11199, otherwise known as the Social Security Act of 2018 that raised the monthly contribution rate of SSS members by 12 percent to be followed by three more successive percentage point increases in 2021, 2023 and 2025 until the total increase reaches 15 percent.
The growth in income was also attributed to the agency’s sound investment decision which jacked up its investment gain from Php 6.3 billion in 2018 to Php 32.7 billion in 2019. The same financial statement also presented other non-operating income that rose from Php 1.01 billion to Php 4.04 billion during the same fiscal period.
The total expenses, which mainly include benefit payments of members and pensioners rose to Php 211.6 billion in 2019 from Php 194.7 billion in 2018. Benefits of members and pensioners climbed from Php 180.1 billion in 2018 to Php 196.8 billion in 2019.
On the other hand, personnel services slightly increased to Php 6.8 billion, while the agency’s other operating expenses decreased to Php 2.4 billion.
