SSS PENSION LUMP SUM – Below is a guide on the one-time lump sum under the Retirement Benefit for the SSS pensioners.
The members of the Social Security System (SSS), a state-run social insurance institution in the Philippines, has a Retirement Benefit to turn to when they reach 60 years old. However, if the total monthly contributions posted by a member is less than 120 monthly contributions, a member-pensioner may only get a one-time SSS pension lump sum instead of a monthly pension.
SSS Lump Sum – Here’s How Much a Member-Pensioner Will Get
Guide on SSS Lump Sum that Member-Pensioner Will Receive
SSS LUMP SUM – Here is a guide on how much a member-pensioner will get as Retirement Benefit from the Social Security System.
Most of the employees in the private sector in the Philippines are members of the Social Security System, a state-run social insurance institution in the country. Aside from the members who are employed in the private sector, there are also self-employed individuals and overseas Filipino workers (OFWs) who are members of the SSS.
Every month, the members of the SSS submit a monthly contribution to the state-run social insurance agency. Accumulated savings qualify a member to the benefits and loans offered by the SSS. Undeniably, most members are looking forward to the Retirement Benefit.
Under the Retirement Benefit, there are two (2) ways – an SSS monthly pension or an SSS Lump Sum. The former is given to members aged 60 to 64 years old who has reached at least 120 monthly contributions.
The Lump Sum is given to members aged 60 to 64 years old who has not reached 120 monthly contributions. Meanwhile, the pensioner has an option to continue posting monthly contributions or to get a one-time payment granted to a retiree. A member-pensioner may continue posting monthly contributions until he or she is 65 years old.
Under the SSS Lump Sum, the member-pensioner will get an amount that “is equal to the total contributions paid by the member and/or by his/her ERs, including the interest earned”.
You may also visit – SSS PENSION – How To Apply for this Retirement Benefit & the Requirements.
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