THE Social Security System (SSS) experienced a revenue boost last year due to factors such as heightened collection efforts, a higher contribution rate and increased investment income.

The 2023 revenue tally of P362.2 billion, SSS President and Chief Executive Officer Rolando Ledesma Macasaet said in a statement, was 9.5 percent higher than the P330.80-billion target and was also the highest achieved to date by the state-owned pension fund."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," he claimed.A contribution rate hike to 14 percent from 13 percent implemented at the start of 2023 generated an additional P27.84 billion, the SSS said.Contribution collections as a whole reached P309.12 billion, surpassing the P294.49-billion target and also 18.2 percent higher than the P261.44 billion recorded in 2022."This is attributed to new paying members, improved collection from delinquent employers and the 2023 contribution rate hike," Macasaet said.SSS Executive Vice President Voltaire Agas said that P10.48 billion was raised from new paying members last year."New initiatives were implemented to expand the SSS membership and to reach out to more workers. As a result, at least 1.4 million new members were added to SSS in 2023," he added.The remaining P53.08 billion in revenues, meanwhile, came from investments and also topped the P44.72 billion generated in 2022.Expenditures, including benefit payments and operating expenses, increased by P16.92 billion to P270.48 billion from P253.56 billion in 2022.Macasaet said this remained within allowed limits.Of the total, P259.03 billion was allocated for benefit payments, up P16.22 billion from the P242.81 billion recorded in 2022. Read The Rest at :