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PIA Press Release

SSS employs new policies for compulsory retirees

Cagayan de Oro City (22 September) -- The Social Security System (SSS) has put in place new procedures allowing members who reach 65 years of age to claim their benefits on the day they retire, announced SSS President and Chief Executive Officer Corazan de la Paz.

Processing of the retirement benefit will be completed in 15 working days as the new procedure is now being implemented nationwide, de la Paz added.

"I urge compulsory retirees to file their retirement claims six before they bow out of service," the SSS President said. "Applicants should make sure their documents are complete so that processing of their claims will go faster and without hitches."

A former accountant, Teodulo Topacio, is one the first beneficiaries of the new policy. De la Paz and other SSS officials presented last month of notice of pension approval to Topacio during simple ceremonies at the SSS headquarters in Makati.

Topacio, who worked for accounting firms Laya Mananghaya and Sycip, Gorres and Velayo (SGV), had filed his retirement claim early this year before he reached 65 years of age, the compulsory retirement age. His application was approved in less than a month with his pension starting on the date of his birthday.

"This new policy allows compulsory retirees to file their retirement applications in advance so they can enjoy their benefits on the day they retire," De La Paz stressed.

As of the end of June this year, there are more than 546,000 retiree pensioners, which represent more than half of the estimated 1.1 million pensioners worldwide. Since 1993, the number of retirees has been increasing at an annual rate of eight percent.

From January to June this year, retirement pension remains the highest among the benefit disbursements, registering a 10.1 percent increase to P11.48 billion, from P10.42 billion for the same period in 2005. (SSS-10 / RAGCOM) [top]

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