STATE-OWNED Social Security System (SSS) on Friday reported that net income last year had surpassed a P51.06-billion target and hit a record P83.13 billion.

Citing preliminary financial results, it said that last year's profit was 58 percent higher compared to the P52.6 billion recorded a year earlier.

The "record high" result "shows that we continue to strengthen our finances through programs and policies that increase new paying members and strengthen collection efforts," SSS President and CEO Rolando Macasaet said in a statement.

Total revenues rose by 15.6 percent to P353.82 billion from P306.16 billion, driven mainly by contribution collections that grew 18.2 percent to P309.12 billion from P261.44 billion.

The revenue count was lower than the P362.2 billion announced by SSS last week. The Manila Times sought a clarification from the pension fund but has yet to receive a response.

Macasaet, meanwhile, said the pension fund spent P270.69 billion last year, the bulk of which went to benefit payments for members and pensioners.

Benefit payments were said to have increased by 6.7 percent to P259.03 billion from P242.81 billion, while operating expenses climbed by 8.4 percent to P11.65 billion from P10.75 billion.

"Our operating expenses last year were only 30.32 percent of the allowed charter limit of P38.4 billion," he said.

"Based on our charter, the operating expenses are 12 percent of the contribution collections and 3.0 percent of other SSS income such as investments and loans," Macasaet added.

The 2023 expenses, he continued, demonstrated "how SSS has prudently kept its expenses at modest levels and ensured that every peso contributed by its members [is] well spent for the benefit of all its stakeholders."