Biz Buzz: New high for SSS

The Social Security System (SSS) made an impressive feat in July, as it marked the highest increase yet in new members registered, thanks to more overseas Filipino workers and self-employed joining.

On Thursday, SSS President and Chief Executive Rolando Macasaet said new SSS members increased by 165 percent to 2.4 million at end-July from 923,000 in the same period last year.

Macasaet said the agency usually averaged around one million new members for an entire year.

“We observed a significant increase in new self-employed members, which surged by 273 percent—from 112,000 in 2023 to 419,000 in 2024. Additionally, the number of new overseas Filipino workers members more than doubled, rising to 10,300 in 2024 from just over 5,000 last year,” SSS Executive Vice President for Branch Operations Sector Voltaire Agas added.

Macasaet said the SSS remained steadfast in broadening its membership base and covering all Filipinos in the workforce, whether here or abroad.

“In the first six months, we hit our year’s target of two million new members, a positive result of our massive membership and coverage drives throughout the country,” Macasaet said.

He expressed confidence that SSS would hit four million to five million new members by the end of 2024.

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For the CEO, the record-high membership meant more Filipinos would have access to a comprehensive set of social security benefits that could help safeguard the financial well-being of their families, particularly during times of uncertainty.

Luzon had the highest number of new members with more than 882,000. This was followed by Metro Manila with over 693,000 new enrollees. Meanwhile, Mindanao and Visayas recorded 436,000 and 417,000 registrants, respectively.

Over 10,000 registration came from international operations.