SSS net income soars to P83 billion after contribution hike | ABS-CBN
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SSS net income soars to P83 billion after contribution hike
ABS-CBN News
Published Feb 23, 2024 04:47 PM PHT
MANILA -- The Social Security System (SSS) said its net income reached P83.13 billion in 2023 based on unaudited financial statements.
MANILA -- The Social Security System (SSS) said its net income reached P83.13 billion in 2023 based on unaudited financial statements.
The state insurer said this is 62.8 percent above its target of P51.06 billion.
The state insurer said this is 62.8 percent above its target of P51.06 billion.
SSS President and Chief Executive Officer Rolando Macasaet said this is the highest net income achieved by the SSS.
SSS President and Chief Executive Officer Rolando Macasaet said this is the highest net income achieved by the SSS.
This comes after SSS said its revenues grew in 2023 after it mandated a contribution hike in January of that year.
This comes after SSS said its revenues grew in 2023 after it mandated a contribution hike in January of that year.
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SSS saw lower-than-revenue expenses of P270.69 billion in 2023.
SSS saw lower-than-revenue expenses of P270.69 billion in 2023.
The state-owned corporation said the lion’s share of the expenses went to benefit payments to members and pensioners.
The state-owned corporation said the lion’s share of the expenses went to benefit payments to members and pensioners.
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