SSS vice president for public affairs Marissu Bugante said in a forum with the Capampangans in Media, Inc. (CAMI) the contribution surplus started to rise since 2015 at about P2.31 billion. This steadily increased to P3.97 billion in 2013, P9.94 billion in 2014 and P11.21 billion last year.
In its latest report on its accomplishments, the SSS explained the contribution surplus refers to contribution collections from its members excluding benefits payments and operating expenses.
The annual operating expenses of the SSS comprise only 49 percent of the allowed chartered limit despite the establishment of more SSS outlets, including those in malls and even in foreign countries, that required hiring more workers to respond to the needs of members, Bugante added.
She said that latest figures indicated SSS members now number some 33.9 million, with the expansion of memberships to cover household workers.
The report also said that SSS’s “financial performance” has remained “solid”, noting that its average annual net revenue of P8 billion from 2000 to 2009 rose to P35 billion from 2010 to 2015
