As per the Social Security System (SSS), they already sent out both the December and 13th month pension of pensioners to partner banks. The amount of these is nearly P22 billion and will be given to the pensioners starting the 29th of November but not later than the 7th of December, 2018.
Emmanuel F. Dooc, SSS President and Chief Executive Officer (CEO), said that the pension fund has already been sent out and it was around P21.9 billion. He said that they sent it to their partner banks on the 15th of November for them to have sufficient time to be able to release the 13th and the December pension to pensioners.
We have already requested our partner banks to release the 13th month pension on November 29. However, we leave the discretion to our partner banks if they will release the regular monthly pension for December along with the 13th month pension or stick to the regular schedule of release of monthly pension on the contingency date of the pensioner.”
The break down, according to SSS, was P10.95 billion kept for the 13th month pension. In addition to that, about P10.95 billion for December 2018 pension.
Furthermore, Dooc also made sure that pensioners are aware that the Philippine Postal Corporation (PhilPost) will prioritize the checks for both the December and the 13th month pension of SSS pensioners. More so, pensioners from far areas can enjoy their benefits and privileges ahead of time.
Almost all our pensioners receive pensions through their respective bank accounts but there are more than 15,000 pensioners, mostly in far-flung areas, who still prefer to receive their pensions through checks. For those in Metro Manila and nearby areas, it usually takes three to five days to receive their checks while it would take five to eight days for faraway Luzon provinces, and eight to 10 days for Visayas and Mindanao.”
In case you’re wondering, the 13th month pension is an additional benefit which is given to SSS pensioners. However, partial disability pensioners’ pension duration is less than 12 months, so they won’t be able to have this.
This traces back to 1988 when the pension fund started providing 13th month pensions; it’s equivalent to a month of pension.
To give you a slight idea, approximately 2.4 million pensioners or 99.38% receive both their regular pensions and 13th month via SSS-accredited partner banks. The remaining 0.62%, however, receive their cash benefits through checks – they’re around 15, 000.
We ensure our pensioners that the fund is here for you. You have been our pillars during your younger years when you were still working and contributing to the fund. We are committed to provide meaningful benefits and make your savings work for you.”