DAVAO CITY – The Social Security System announced on Monday that starting August this year funeral benefits for members will be increased to a fixed minimum amount of P20,000 to a maximum of P40,000.
Under its Circular No. 2015-009 issued recently, the SSS said it will increase funeral benefits from “a fixed amount of P20,000 to a variable amount ranging from a minimum of P20,000 to a maximum of P40,000,” depending on the member’s number of contributions and average monthly salary credit (AMSC).
SSS Vice President for Benefits Administration Agnes San Jose said the increase will apply for all funeral benefit claims with date of contingency of August 1 onward.
San Jose said that new funeral benefits will be calculated using the fixed amount of P20,000 plus a percentage of a member’s total contributions and AMSC.
“The proposal to increase funeral benefits came about after our study revealed that the costs of burial services have climbed to an average of more than P40,000 or twice the current fixed amount of benefit SSS disburses for funeral claims,” San Jose said.
San Jose said “SSS funeral benefit is a cash grant given to whoever defrayed the cost of funeral expenses of the deceased SSS member.”
She said the amount of benefit, at present, is pegged at P20,000 regardless of the member’s number of contributions.(davaotoday.com)
