SSS unemployment profit claims enhance 10 occasions

Czeriza Valencia (The Philippine Star) – March 13, 2021 – 00h00

MANILA, Philippines – Unemployment claims from the state-run Social Safety System (SSS) elevated practically 10 occasions final yr after the unemployment charge hit an all-time excessive amid the pandemic, a stated yesterday the Ministry of Finance (DOF).

Citing the state pension fund’s report back to Finance Secretary Carlos Dominguez, the DOF stated claims for Unemployment Insurance coverage (UIB) advantages elevated practically 10 occasions, with 136,000 beneficiaries claiming 1.71 billion pesos final yr in comparison with 15,000 claimants availing themselves of 178 million pesos in advantages in 2019.

The Philippine Statistics Authority (PSA) reported this week that round 4.5 million Filipinos had been unemployed final yr and actively searching for work, comparable to a document unemployment charge of 10.3%, in opposition to 5.1% in 2019.

The underemployment charge, relative to the proportion of employees searching for extra hours to work, fell from 13.8% to 16.1% in 2019.

The nation has been stranded since March final yr, limiting enterprise actions and other people mobility as social distancing measures proceed to be enforced and public transport continues to function at restricted capability.

SSS additionally noticed a big enhance in its different posts in 2020, with the declaration of a state of calamity in March of final yr because of the public well being disaster.

The pension fund launched a complete of 31.69 billion pesos in loans to 2.12 million members final yr by way of its Calamity Mortgage for COVID-19 program launched within the second quarter of 2020, on the peak of strict quarantine neighborhood.

The SSS additionally launched 30.47 billion pesos in wage loans for 1.28 million members final yr.

Retirement loans in 2020 additionally elevated by 34.6% to three.4 billion pesos in 2020, overlaying 74,799 debtors, up from $ 5.2 billion in 2019 as a consequence of improved tips issued by SSS, which elevated the utmost mortgage quantity below this program by 32,000 pesos. to P200,000 as of October 2019.

The SSS stated whole member loans elevated by greater than half, from 40.59 billion pesos in 2019 to 62.35 billion pesos in 2020, regardless of the sharp decline in mortgage recoveries.

Member mortgage collections from January to November 2020 fell 17.6% to 32.44 billion pesos amid carried out moratoria and the pandemic-induced recession, he stated.

“From a powerful securities placement in 2019, our investable funds for 2020 have been moved to member loans, particularly for calamity loans,” the DOF stated, citing the pension fund report.

Contributions fell 7.1% to 204.75 billion pesos in 2020 from the gathering of 20.38 billion pesos the earlier yr and 17% from the goal of 246.83 billion pesos, with 1.5 million members unable to pay their dues as a consequence of job losses.

By way of its numerous packages, the SSS paid out advantages totaling 192.84 billion pesos final yr, down 2% from the 196.76 billion pesos in profit funds reported in 2019.

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