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SSS Lump Sum Requirements
Retired from work? Ever wondered what are the SSS lump sum requirements before you can avail of it? Here are a few details related to this SSS pensioner or retiree benefit including the required standards and how can a SSS member be qualified to receive his or her lump sum money.
According to the SSS website here are the list of requirements in order to receive benefits as a pensioner / retiree for a lump sum amount of up to 18 months.
1. Must be at least 60 years old and not currently employed. The monthly pension shall be suspended upon the re-employment or resumption of self-employed of a retired member who is less than 65 years old.
2. Must be at least 55 yrs old or older and have worked in underground mines for five years.
3. For 65 or older regardless of employment status.
4. Has paid at least 120 monthly contributions prior to the semester of retirement.
Additional Information Regarding SSS Lump Sum: (source: sss.gov.ph/)
“A retiree has the option to receive the first 18 monthly pension in lump sum discounted at a preferential rate of interest to be determined by the SSS. The option should be exercised upon filing of the first retirement claim. Only advance payments shall be discounted on the date of the payment. The dependents’ pension and 13th month pensions are excluded from the 18 months lump sum pension.
The member will receive the monthly pension on the 19th month and every month thereafter.”
What documents are needed in filing for a retirement benefit?
1. Retirement claim application (SSS Form DDR-1);
2. DDR Savings Account form;
3. Certificate of Separation from last employer (for members less than 65 years old);
4. Passbook (if pension);
5. Certified true copies of birth or baptismal certificate of dependent children;
6. Certificate of cessation of business or practice of profession (for self-employed less than 65 years old);
7. Certified true copy of Marriage certificate (if with dependent children)
8. Proofs of filiation for illegitimate dependent children; and
9. SSS digitized or E-6 (acknowledgement stub) with two valid IDs, one of which with recent photo.
Where can a member file his retirement application?
Applications forms for retirement benefit are filed at any SSS branch or representative office.