SSS RETIREMENT PENSION ALL YOU NEED TO KNOW AND HOW TO CHECK THE COMPUTATION ONLINE?

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#SSSRetirementBenefit #SSSPension #Retirement

Ano nga ba ang SSS retirement benefit?

The retirement benefit is a cash benefit paid either in monthly pension or as lump sum to a member who can no longer work due to old age.

2 Types of SSS Retirement
1. Optional at 60 years old
2. Technical/ Mandatory at 65 years old

Types of retirement benefits

1. Lump sum amount – one-time payment granted to a retiree. The amount is equal to the total contributions paid by the member and/or by his/her ERs, including interest earned.

Qualifying Conditions:

Member is at least 60 years old for optional retirement, or 65 years old for technical retirement, and has paid less than 120 monthly contributions. A member filing for retirement benefit and has paid less than 120 monthly contributions shall be given the option to continue paying the contributions as a VM to complete the 120 months to avail the full benefits thru monthly pension.


2. Monthly pension – a lifetime cash benefit paid to a retiree on a regular basis.

Qualifying Conditions

Member must have paid at least 120 monthly contributions prior to the semester of retirement and is any of the following, whichever is applicable:

at least 60 years old and separated from employment or has ceased to be an SE/OFW/Household Helper (optional retirement);
at least 65 years old whether still employed/SE, working as OFW/Household Helper or not (technical retirement);

How to check your Estimated SSS Retirement Benefit?






Dependents Allowance

The legitimate, legitimated or legally adopted, and illegitimate children, conceived on or before the date of retirement of a retiree will each receive dependents' allowance equivalent to 10 percent of the member's monthly pension, or P250, whichever is higher.

Only five minor children, beginning from the youngest, are entitled to the dependents' allowance. No substitution is allowed.

If there are more than five dependents, the legitimate, legitimated or legally adopted children shall be preferred.

The dependents' allowance stops when the child reaches 21 years old, gets married, gets employed, or dies. However, the dependents' allowance is granted for life for children who are over 21 years old, if they are incapacitated and incapable of self-support due to physical or mental defect that is congenital or acquired during minority.

Benefit Payment

The retiree-member has the option to receive the first 18 months' pension paid out in lumpsum, but discounted at a preferential rate of interest to be determined by the SSS. The member shall start receiving his pension on the 19th month, and every month thereafter. This option for advance payment shall be exercised only when filing the first retirement claim. It is only the advanced pension payments that are discounted on the date of payment; the dependent's allowance and 13th month pension are excluded from the advanced 18-month pension amount.











This became mandatory effective September 1,1993.

Upon approval of the claim, the SSS will send the member a notice voucher indicating when to withdraw the benefit from the bank.

Other Benefits

The retiree is entitled to a 13th month pension payable every December.


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