Guide on the Requirements for SSS Retirement Benefit (Monthly Pension & Lump Sum)
REQUIREMENTS FOR SSS RETIREMENT BENEFIT – Here are the eligibility and documentary requirements in applying for this final benefit of the Social Security System (SSS).
Undeniably, the SSS Retirement Benefit is one of the much-awaited benefits of the members of the Social Security System. In fact, in a lot of cases, the membership was filed in the pursuit for the said benefit offer.
Under the said benefit offer, there are two (2) options – the monthly pension or the lump sum amount. The former is a lifetime cash benefit while the latter is a one-time payment given to an SSS member-retiree.
To apply for this final benefit online, there are requirements for SSS Retirement Benefit application. These include both eligibility and documentary requirements. To apply, the member-borrower must:
- have paid at least 120 monthly contributions before the semester of retirement
- be between 60 to 64 years old upon the application for Retirement Benefit or at least 65 years old upon the date of the online filing of claim
- have registered in the My.SSS facility in the website of the Social Security System
- have a disbursement accounmt enrolled in the Bank Enrollment Module of My.SSS such as the UMID-ATM, UBP Quick Card, or any PESONet-accredited bank
- have no cancelled or multiple SS number
- have no outstanding loan balance under the Stock Investment Loan Program, the Privatization Fund Loan Program, Educational Loan Program, and Vocational Technology Loan Program
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