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Monday, April 11, 2005
21T SSS pensioners’ accounts dormant
THE Social Security System (SSS) said more than 21,000 pensioners’ accounts in various banks have been dormant for at least a year and it is not known whether the owners are still alive.
“We only hope that the reason these accounts are dormant is that the pensioners concerned just want to accumulate their savings,” said SSS executive vice president Horacio Templo.
Templo said the SSS plans to suspend the pensions of retired members whose accounts have been lying dormant for over a year now, urging them to check their benefits in the bank and avoid suspension of their monthly entitlements.
SSS started a census of its pensioners last year to purge from its rosters those who died, remarried or recovered from their disabilities. The program, called Annual Confirmation of Pensioners (Acop), was part of the reforms intended to protect the viability of the fund.
Under the Acop, the SSS can ensure that the right benefits go to the right person and the institution can recover the money erroneously sent to those who have died, remarried or recovered from their disabilities.
“Any recovered amount would help strengthen the institution,” Templo said. “A robust fund will ensure that members get the right benefits at the right time, especially during times of need.”
Templo said the gap between contribution collections and benefit payments has narrowed during the past year as contributions in 2004 reached P43.9 billion compared to benefit disbursements amounting to P44.9 billion.
“The gap between the contributions we collect and the amount we spend for benefit payments is closing. The current contributions-benefits ratio indicates the improving financial condition of the SSS,” he said.
(April 11, 2005 issue)
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