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Tuesday, April 16, 2024

Nearly 99% benefit disbursements coursed through e-channels–SSS

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The Social Security System (SSS) has expanded the use of its electronic disbursement channels to release benefits to its members.

In a news statement, SSS said that from January to November 2020, about P168.55 billion in social security and employees’ compensation benefits were disbursed using banks, e-wallets and remittance transfer companies/cash payout outlets (RTCs/CPOs). It accounts for 98.6 percent of the total disbursements worth P170.97 billion to 3.68 million members and beneficiaries during the period.

Retirement, Disability, Unemployment, Sickness and Maternity Benefits of individual members, as well as Funeral and Death Benefits of beneficiaries who are SSS members themselves, are now coursed through Unified Multi-Purpose Identification card enrolled as an ATM card (UMID-ATM), UnionBank of the Philippines (UBP) Quick Card, Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating banks, e-wallets, and RTCs/CPOs. Non-member claimants of Funeral and Death Benefits can opt to receive the benefits through PESONet participating banks, e-wallets, and RTCs/CPOs.

Pension loans and short-term member loans for Salary, Calamity, and Emergency advances are released through UMID-ATMs and UBP Quick Cards. Member loans may also be released through PESONet participating banks.

Employer’s Sickness and Maternity Benefit Reimbursements are also paid through PESONet participating banks.

SSS issued circulars last year to implement the mandatory checkless disbursements of benefits and loans. It includes pensioners who are receiving their monthly pensions through checks and non-PESONet participating banks who are given until March 31, 2021 to change their disbursement accounts into PESONet participating banks, e-wallets, or RTCs/CPOs.

From January to November 2020, the number of benefit disbursements through checks decreased by 39.7 percent to 264,208 from 437,947 in the same period in 2019.

While SSS transitions to these new disbursement methods, there are still benefit releases such as pensions paid to a confined member or claimant in an institution such as penitentiary/correctional/rehabilitation that uses the conventional mode.

“Our goal in this initiative is to provide our members, pensioners, beneficiaries, and covered employers with safer, faster, and more convenient means of receiving benefits and loans, as we comply with the Ease of Doing Business Act,” SSS President and CEO Aurora C. Ignacio said.

Read full article on BusinessMirror

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