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How much is the monthly SSS pension (retirement benefit) and how is it computed? deductions and inclusions
The Social Security System gives their members who are already in retirement age who are qualified to receive the SSS retirement benefit. If you are a pensioner to be, you can find more information here – SSS pensioner benefits. This post will guide you through the different processes, procedures, requirements, forms that you will need to fill up as well as other relevant information regarding retirement and SSS pensioners.
What is the retirement benefit?
The said member benefit is a cash benefit that is given in two forms. One is as a monthly pension or a lump sum where the entitled member may be able to get all his / her accountabilities from the SSS in a designated system of claim.
Who may apply and who qualifies?
Members who are already 60 years old and is no longer engaged in self employment may or is entitled or qualified to receive the SSS retirement benefit. If in case the applicant member is still employed either by a private company or self-employment, he 0r she can only apply for it if he or she is either separated from employment of if he or she reaches the age of 65 years old.
How to qualify for the retirement benefit?
Apart from some pointers and facts regarding how to qualify for pensioners to receive the SSS retirement benefit above, here are additions facts and figures that you need to know if you are in the process of application.
Retirement benefit claimants need to have at least 120 total SSS premium contributions posted on their account prior to the semester of retirement. If you have paid your 120th and the data still hasn’t appeared in your account for printing and proof for claim, you may go to the nearest SSS branch with proof of your payment such as either a bank receipt of company payment receipt.
SSS form to use for application and download is SSS DDR 1 form.
The amount of monthly pension will be the highest of:
the sum of P300 plus 20 percent of the average monthly salary credit plus two percent of the average monthly salary credit for each credited year of service (CYS) in excess of 10 years; or
40 percent of the average monthly salary credit; or
P1,000 if the member had less than 10 credited years of service (CYS); P1,200 if with at least 10 CYS; or P2,400 if with at least 20 CYS. The monthly pension is paid for not less than 60 months.
In case that a SSS member is under a special category wherein he or she is already 60 years old and above, separated from employment and are not continuing contributions to the SSS on their own and was not able to complete the required 120 monthly contributions, cheer up, you can still get your claim for your retirement benefit. How to claim it? First off, you have to know that you are only entitled to a lump sum benefit on your case. This means that you are going to get the total contributions made by you as a paying member in your previous years and on your behalf.
You can find more information from our previous posts regarding useful topics on SSS Retirement Form, Application and Requirements as well as our old article regarding How To Claim SSS Death Benefit and Requirements.