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Thursday, August 22, 2019

13th month, pension out by Dec. 8

MORE than 2.2 million pensioners of the Social Security System (SSS) are set to receive their 13th month and December pension between Dec. 4 and 8.

In a statement, SSS President and Chief Executive Officer Emmanuel F. Dooc said the pension fund has released the amount to partner-banks last Nov. 15. Some disbursing banks, however, had released the 13th month and December pension as early as Nov. 15.

The 13th month pension is equivalent to the “basic monthly pension of a pensioner excluding the dependent’s pension, if any.” “We have already asked the banks to release the 13th month pension not later than Dec. 8 while we leave to the discretion of the disbursing banks if they will release the regular monthly pension for December along with the 13th month pension or to release it based on the bank’s usual schedule of the release of monthly pension,” Dooc said.

Starting first quarter 2018, SSS will implement the Electronic Collection System (e-CS) to enable the real-time posting of contribution payments from SSS branch tellering facilities and other payment channels.

Dooc said that real-time posting of contributions will allow faster processing of claims to help members and beneficiaries receive their benefits and loan proceeds on time.

“All SSS benefits and loans are based on contributions of members and their employers. Thus, it is important that these payments are recorded correctly and promptly. Otherwise, they may not immediately qualify for certain benefits and loans,” said the state-run pension fund.

To access the e-CS, employers and individual members, need to register in the My.SSS facility at the SSS website. (JOG)
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