Good news for SSS pensioners!
The Social Security System (SSS), a state-run, social insurance program in the Philippines for workers in the private, professional and informal sectors, has just announced the early release of pension funds and Christmas bonuses for its pensioners.
SSS pensioners will now be able to receive payment for their 13th Month Pay and pensions as early as the first week of December this year.
According to Michael G. Regino, President and Chief Executive Officer of SSS, the pension fund is set to release funds amounting to P29.74 Billion. The amount is expected to cover the payout for the pension funds and 13th Month Pay of about 3.36 million SSS pensioners.
“This year, we have also pushed for the early crediting of the 13th month and December 2022 pensions so that our pensioners can withdraw them ahead of the holiday rush,” said Regino in a press statement.
As of December 1, 2022, the SSS has already released the first batch of said pensions to cover payout for pensioners with dates of contingency within the first to the 15th day of December.
The second batch, meanwhile, is set to be released 3 days later (December 4), this time covering pensioners with dates of contingency from the 16th up to the last day of the month.
Since December 4 falls on a Sunday, pensioners who are set to receive their pensions on the said date can expect that their pensions will be credited to their account starting on the last working day before it, which is December 2, 2022.
Meanwhile, the SSS has requested its accredited non-PESONet participating banks to release the said pensions to pensioner clients no later than December 4, 2022.
The SSS has also requested the Philippine Postal Corporation (PPC) to expedite the delivery of the checks to pensioners who are receiving their pensions in this manner (regular postal service).
“Since December 1988, we have been granting our pensioners the 13th Month pension, which is equivalent to their respective monthly pensions. This additional financial assistance or Christmas gift is our way of thanking them for their support to the SSS during their working years,” Regino adds.
Pensioners qualified to receive the 13th Month pensions are SSS retirement pensioners and SSS and Employees’ Compensation (EC) survivors, as well as total disability pensioners, including those with a partial disability and pension duration of not less than 12 months.