QUEZON CITY, Nov. 8 -- The state-run Social Security System (SSS) on Monday said more than P442 million was disbursed to more than 17,000 Employees Compensation (EC) pensioners following President Rodrigo Duterte's approval of the EC benefit increase last May.
SSS, the administrator of EC claims for private employees, said more than P442.38 million was disbursed to 17,619 EC pensioners in additional benefit of P1,150 starting January 2017 until October 2018 including the 13th month pension for the year 2017, and in additional carer's allowance of P425 per month starting May 2018 to October 2018.
SSS President and Chief Executive Officer Emmanuel F. Dooc said that as of November 2, nearly 100 percent of the additional benefit has been given to EC pensioners thru their respective partner bank.
"As soon as we have received the notice that President Duterte had approved the additional benefit for EC pensioners, we immediately updated our systems to identify and enable the disbursement of the additional benefit. We have to fully align our system so that the correct number of pensioners will be given the benefit. Funds were already released to our partner-disbursing banks on October 19, 2018 ," Dooc said.
"Nearly all qualified EC pensioners have received their additional benefit thru their respective banks as we have already requested our partner banks to credit the additional benefit to the bank accounts of the pensioners immediately," he added.
Based on Executive Order No. 54. s. 2018 signed on May 8 this year, President Duterte approved a P1,150 across-the-board increase in EC monthly disability pension of all EC permanent disability pensioners and qualified beneficiaries in the private sector.
The EO also increased the amount of carer's allowance granted to EC permanent disability pensioners in the public and private sector from P575 to P1,000 per month.
"There is a need to continually improve benefits under the Employees' Compensation Program (ECP) to make them more responsive to the welfare and development needs of occupationally disabled workers," the order reads.
"The results of the actuarial studies of the SSS (Social Security System) and GSIS (Government Service Insurance System) show that the SIF (State Insurance Fund) can finance the increases without affecting the stability of the SIF and without requiring additional contributions," it added.