SSS Surpass 2023 Revenue Target by 9.5%

The Social Security System (SSS) said it surpassed its revenue target for 2023, the highest revenue ever recorded according to SSS Chief Executive Officer Rolando Ledesma Macasaet.

In a press release, SSS said they had initially set the revenue target for last year at Php330 billion but have achieved 9.5% more or Php362.20 billion.

“Our 2023 financial performance is indicative of the efforts of the SSS management and employees in intensifying its collection activities and the prudent management of our investments. The Php309.12-billion contribution collection exceeds our 2023 target of P294.49 by Php14.62 billion. It is 18.2% higher than the Php261.44 billion collected in 2022,” Macasaet said.

In the unaudited financial statement for 2023, Macasaet observed that the primary source of revenue for the SSS was the contribution collection, amounting to Php309.12 billion.

In 2023, around 1.4 million new members were added to SSS contributing to a total of Php10.48 billion contributions, according to SSS Executive Vice President for Branch Operations Sector Voltaire P. Agas,

Agas also mentioned that the “Run After Contribution Evaders (RACE)” campaign — SSS efforts to pursue delinquent paying employers has also been a success resulting in a higher collection of delinquencies.

Meanwhile, the 1% rate hike in January 2023 also generated around Php27.84 billion in contributions, according to Macasaet.

“In January 2023, under Republic Act No. 11199 or the Social Security Act of 2018, SSS implemented a 1 percent rate hike, bringing its contribution rate to 14% from the previous 13%,” Macasaet said.

Moreover, SSS achieved a revenue of Php53.08 billion from investments and other income in 2023, surpassing the target of Php36.31 billion.

Macasaet also said that in 2023, SSS expenditures, covering benefit payments and operating expenses, rose by Php16.92 billion to Php270.48 billion from Php253.56 billion in 2022. The 2023 operating expenses remained within the allowable limit under the SSS Charter.

Macasaet added that Php259.03 billion of the total expenditures went towards benefit payments, increasing by Php16.22 billion from 2022. SSS provides benefits for maternity, sickness, disability, unemployment, retirement, funeral, and death to eligible members. (ASC)