SSS hits record 2.4M new members as of July 2024

Private sector workers’ pension fund Social Security System (SSS) on Thursday announced it hit a record-high number of new registrants as of end-July 2024.

In a statement, SSS president and CEO Rolando Macasaet said that the pension fund saw 2.4 million new member registrations during the seven-month period.

This was an increase of 165% from 923,000 new members in the same period last year.

The SSS chief noted that in previous years, the pension fund usually averaged around one million new members annually.

“SSS took the challenge and even went the extra mile. 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.

“The implications of this record membership are profound because it means more Filipinos will have access to a comprehensive set of social security benefits from SSS. The social security protection offered by SSS can help safeguard the financial well-being of Filipino families, particularly during times of uncertainty,” he added.

SSS executive vice president for branch operations sector Voltaire Agas said that the highest number of new members came from prior registrants, totaling 1.2 million.

Prior registrants are individuals who already have SS numbers but have not yet been reported as covered employees or self-employed members.

“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 OFW members more than doubled, rising to 10,300 in 2024 from just over 5,000 last year,” Agas said.

SSS data showed that Luzon recorded the highest number of new members, with more than 882,000.

The National Capital Region (NCR) came in second with over 693,000 new enrollees.

Mindanao and Visayas followed with 436,000 and 417,000, respectively.

Meanwhile, over 10,000 new members came from international operations.

With the record number of new registrants, Macasaet expressed optimism that SSS could reach four to five million new members by the end of 2024, adding, “SSS will sustain this growth trajectory in the coming months as we aim for a historic peak in new member registrations.”

“Halfway through the year, we already hit our year’s target. But SSS won’t stop there. We remain steadfast in our mission to further broaden our membership base and cover all Filipinos in the workforce,” the SSS chief said. —VBL, GMA Integrated News