KOROR (Palau Horizon) — Palau’s Social Security Administration has incurred $4.9 million in losses despite collecting $6.8 million in contributions, according to an audited financial report.
Based on the report, fund balance as of Sept. 30, 2001 was $34.12 million compared to $39.07 million at the beginning of the fiscal year.
Total contributions collected by the agency was $500,000 higher than the previous fiscal year’s, which was $6.3 million.
The agency obtained $2.8 million in government employees’ contributions, up by 3.75 percent from the FY 2000 report.
SSA also collected $81,260 in penalties and interest, which is 54.5 percent less than the previous fiscal year’s.
The agency’s total expenditures for FY 2001 reached $4.7 million, up by 12 percent from $4.2 million in FY 2000.
Of this amount in FY 2001, $3.9 million went to benefit payments. SSA spent $3.5 million in FY 2000 benefits.
In FY 2001, SSA paid out $2.8 million in retirement benefits; $931,756 in survivors benefits; $142,974 in disability payments; and $11,012 in lump sum payments.
SSA’s benefit payments for 2001 was $400,000 higher than in 2000.
SSA also paid $146,497 in investment and management fees and $119,386 in fund custodian fee.
Total administrative expenditures amounted to $488,054 which is 25.42 percent higher compared to FY 2000.
The agency spent $185,665 on salaries and wages, which is up by 6.29 percent compared to the previous fiscal year.
