How Much Is The SSS Retirement Benefit?

How much will I get from SSS when I retire?

It says, the monthly pension shall be the highest of the following amounts: The sum of the following: P300; plus 20 percent of the average monthly salary credit (AMSC); plus 2 percent of the AMSC for each credited year of service (CYS) in excess of 10 years; or 40 percent of the AMSC; or minimum pension of P1,200 for ….

What is the maximum amount of SSS pension?

To date, the highest amount of pension being paid by SSS for a retiree-pensioner is P18,945 while the minimum amount of pension is P2,000. These include the P1,000 additional benefit. The SSS continues to develop its benefit and loan programs to fit the needs of its members.

What is SSS lump sum?

Lump sum amount – 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. A lifetime cash benefit paid to a retiree who has made at least 120 monthly contributions prior to the semester of retirement.

Can I pay my unpaid SSS contribution?

There’s no penalty for individual members who fail to pay their contribution for a certain period. However, the SSS doesn’t allow members to make retroactive payments just so they qualify for a loan or benefit. You can only continue paying for the succeeding months or in advance, but never for the past unpaid months.

How do I calculate my SSS pension?

There are three formulas used to compute your SSS pension, but whichever yields the highest amount will determine your final pension.PHP 300 + 20% of average monthly salary credit (AMSC) + 2% of AMSC for each credited year of service (CYS) in excess of ten years + PHP 1,000.40% of the average AMSC + PHP 1,000.More items…•

What is the retirement age in SSS?

60 years oldA member is qualified to avail of this benefit if: Member is 60 years old, separated from employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement.

How long is the processing of SSS retirement pension?

Under a five-year program, SSS expects to cut down the current 39-day average of processing retirement benefits to 18 by next year and to 13 by 2017. Death payments, meanwhile, which at present take 62 days for processing are expected to be delivered in 28 days by next year and in only 18 days by 2017.

How much will I get if I retire at age 62?

Thus, if your full retirement age benefit is $1,000 and you claim at age 62, you’ll receive $733 per month in Social Security income.

How much is SSS monthly pension?

The monthly pension will be the highest amount resulting from either one of these three pension formulae: 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 ten years; or.

How many years should I pay SSS contribution?

If with less than 120 monthly contributions, the member shall be entitled to a lump sum amount equivalent to the contributions paid by him/her and on his/her behalf. However, member has the option to continue paying contributions to complete the 120 months to become eligible for monthly pension.

Can you cash out your Social Security?

As the Social Security Administration rules state, if you have second thoughts about taking benefits after you apply, you can withdraw your claim and reapply later on — but you only have 12 months to change your mind, you’ll have to repay all of the benefits you received, and you’re only allowed one single do-over …

When can I stop paying SSS contributions?

You can stop paying contribution after you make a final SSS benefit claim for total disability or retirement. You can file for optional retirement when you’re 60 years old and unemployed. If you’re 65 or older and still working (or not), you’ll qualify for technical retirement and won’t need to pay SSS contribution.