SELaplana >> Information >> SSS Retirement Benefits

Below are the answers the frequently asked questions regarding the Social Security System of the Philippines or SSS Retirement Benefits.

What is the retirement benefit?

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

Who may qualify for a retirement benefit?

1. A member who is 60 years old, separated form employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement.
2. A member who is 65 years old whether employed or not and has paid at least 120 monthly contributions prior to the semester of retirement.

For Underground Mineworkers:

1. Has reached the age of 55 years old and is an underground mineworker for at least 5 years (either continuous or accumulated) prior to the semester of retirement but whose actual date of retirement is not earlier than March 13, 1998; separated from employment or in the case of self-employed, has ceased self-employment, and has paid at least 120 monthly contributions prior to the semester of retirement.
2. Has reached the age of 60 years old whether employed or not.

What are the types of retirement benefits?

They are:

1. the monthly pension, and
2. the lump sum amount.

The monthly pension is a lifetime cash benefit paid to a retiree who has paid at least 120 monthly contributions to the SSS prior to the semester of retirement.

The lump sum amount is granted to a retiree who has not paid the required 120 monthly contributions. It is equal to the total contributions paid by the member and by the employer including interest.

How much monthly pension will a retiree receive?

The monthly pension depends on the members paid contributions, including the credited years of service (CYS) and the number of dependent minor children but not to exceed five. The amount of monthly pension will be the highest of:

1. the sum of P300 plus 20 percent of the average monthly salary credit plus 2 per cent of the average monthly salary credit for each accredited year of service (CYS) in excess of ten years; or
2. 40 per cent of the average monthly salary credit; or
3. P1,200, provided that the credited years of service (CYS) is at least 10 or more but less than 20 or P2,000, if the CYS is 20 or more. The monthly pension is paid for not less than 60 months.

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 happens when the retirement pensioner resumes employment?

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. The member shall again be subjected to compulsory coverage. At 65 year old whether employed or not, he can already claim for retirement benefit.

How much is the monthly pension of a member who retires after age 60 and who has contributed the required 120 monthly contributions?

The monthly pension shall be the higher of the following:

1. the monthly pension computed at the earliest time the member could have retired had been separated from self-employment or ceased to be self-employed plus all adjustments thereto; or
2. the monthly pension computed at the time when the member actually retires.

A pensioner who retires more than once shall be entitled to the higher of:

1. the monthly pension computed for the first retirement claim; or
2. the re-computed monthly pension for the new claim.

How is the monthly pension paid?

The monthly pension is paid thru the member’s designated bank. He is allowed to choose the bank nearest his residence thru which he wishes to receive his pension benefits under the “Mag-impok sa Bangko” program. This became mandatory effective September 1,1993.

A member must open a single savings account and must submit to the SSS his savings account number and a photocopy of his passbook upon filing of his application. The original copy of the passbook must be presented for authentication purposes.

Upon approval of the claim, the SSS will mail a notice voucher to the claimant informing when to withdraw the benefit from the bank.

Aside from the retirement benefit, what else can a retiree receive?

The retiree is entitled to a 13th month pension payable every December. All retiree pensioners prior to the effectivity of RA 7875 on March 4, 1995 are automatically considered members of PhilHealth and he and his legal dependents are entitled to its hospitalization benefits. On the other hand, retirees effective March 4,1995 up to the present will be entitled to hospitalization benefits under PhilHealth only if they have contributed 120 monthly Medicare contributions. The counting of 120 monthly contributions shall start in 1972, when the Medical Care Act of 1969 started implementation.

A copy of DDR print-out indicating the type of claim is retirement in nature and the effectivity date of pensioner in its absence a copy of retiree-pensioner certification issued by SSS shall be required. They need to register under Philhealth for the issuance of a Philhealth ID card.
Are the children of a retiree member entitled to the dependent’s pension?

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

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

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

For how long will the dependent child receive his pension?

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

What will happen to the monthly pension of a retiree in case of death?

Upon the death of a retiree pensioner, the primary beneficiaries as of the date of retirement shall be entitled to 100 per cent of the monthly pension and the dependents to the dependents’ pension.

If the retiree pensioner dies within sixty (60) months from the start of the monthly pension and has no primary beneficiaries, the secondary beneficiaries shall be entitled to a lump sum benefit equivalent to the total monthly pensions corresponding to the five-year guaranteed period excluding the dependents’ pension.

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.

Note:

This information is copied directly from the SSS or Social Security System documents and posted here just to share the information to those who are asking me for this. You need to visit the official website of SSS at www.sss.gov.ph for more official information or visit the the nearest SSS office for any official transactions.

Automatically receive updates via email...
Enter your email address:

Tags: Retirement, SSS, SSS Benefits
Tweet This!

Pinay Scandal

Actually, this terms refer to the photos, videos or any stories that reveal shameful, sxeperience, and secrets of some individuals or celebrities.

Now A US Citizen, How to Avail SSS Pension?

SSS Members Email: 1) I'm an SSS member and have contributed towards it before I left for the US in 1986. I am 60 years old now,

US Citizens Might Not Get Social Security Until 70

If I am not wrong, Filipinos can retire at the age of 60. And at that age, senor citizens will start enjoying the benefits they

SSS For Retirement and Other Benefits

I was already member of the Social Security System since 1999 but I failed to pay the monthly dues. My aunt who recently celebrated her 60th

How to Avail Pension from SSS Philippines?

Question: I am a member of the Social Security System (Philippines). I paid my monthly contribution since then and I am getting 60 years old. My question

How To Compute Your (Philippines) SSS Monthly Pension?

Questions: How To Compute Your (Philippines) SSS Monthly Pension? Answer: SSS published the answer of the question how much monthly pension will the retiree receive.... The amount of

Employment Certificate Required in SSS Retirement?

Visitor's Question The message below was sent to us via the Contact Form. in applying SSS pension is the employment certificate really needed to be a part

Loan Balance and Retirement

Visitor's Question good day ask ko lang po kung halimbawa may existing loan pa yung magreretire pero kinaltas nang company yung balance sa retirement... kailangan po

SSS.Net

SSS.net is a domain owned by someones else. But I know why you came here... It's because you want to login to the official website

The Benefits of Blogging – On Blogging Series

Last week, I went to Tacloban City (Philippines) to apply for the SMART Bro (Smart Wi-fi) connection which turned into failure because SMART Bro is

Blog To Promote Your Business

On my post, "The Benefits of Blogging," I mentioned three things I earn from blogging and these are Enhance Skills in Writing, Find New Friends

SSS Online Inquiry – sss.gov.ph

SSS Inquiry Online Not Yet Registered? Register Here | Registered Already? Login Here Members of the Social Security Service in the Philippines can use the website for

Can a Wife of an SSS Member Avail the Maternity Benefits?

Question: Can I a Wife of an SSS Member Avail the Maternity Benefits? Answer: I reviewed the SSS policies on Maternity benefits but I found nothing about

How to Apply For Sickness Benefit in SSS?

Question: How to apply for the SSS sickness benefit? Answer: You can apply the SSS sickness benefit only if you are unable to work due to sickness

How to Avail Disability Benefit in SSS (Philippines)?

Question: How to avail SSS disability benefits? Answer: Only those members who suffers partial or total disability with at least one monthly contribution paid to the SSS

How Can I File Miscarriage Loan in SSS?

Question: How can I file miscarriage loan in SSS? Answer: Filing miscarriage loan can be done at the SSS (Social Security System - Philippines) near you. Read first

www.sss.gov.ph static information

sss gov.ph SSS Online Inquiry