Guide on SSS Monthly Pension Amount for Member-Retirees
SSS MONTHLY PENSION – Here is a guide on how much a member of the Social Security System will get as pension after the retirement.
Millions of Filipinos coming from different fields — private sector employment, businesses, overseas Filipino workers (OFWs), unemployed individuals, etc. are members of the Social Security System. The member populace is qualified to a lot of loans and benefit offers.
One of the biggest benefit offers of the state-run social insurance agency is the SSS Retirement Benefit. It is granted to members who are at least 60 years old and have decided to stop from working or to finally retire.
Undeniably, most SSS members look forward to the Retirement Pension more than anything else as a member of the Social Security System. It seemed like a goal as it can be one of the best preparations for the future. It gives members an assurance of having a financial resource when the senior years take place.
How much is the SSS monthly pension? The amount may actually vary depending on the contributions posted by the member as well as some other factors. Meanwhile, there are three (3) manual computations you may follow to get an estimate of the pension that you may receive.
Here are the computations and the formula that will yield the highest amount will be used by the state-run social insurance institution:
- 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
- Php 1,200 if CYS is somewhere between 10-20 years; Php 2,400 if CYS is 20 years or more + Php 1,000
Let us try to use the first formula which has the biggest chance of yielding the highest result in an example. If SSS member Maria is earning Php 25,000, has contributed for 30 years and the AMSC is Php 26,000, here’s how to compute the SSS monthly pension:
- Monthly Pension (MP) = Php 300 + (20% of AMSC) + [2% of AMSC x 20 years (30 years – 10)] + Php 1,000
- Monthly Pension = Php 300 + (0.20 x 20,000) + (0.02 x 20,000 x 20 years) + Php 1,000
- Monthly Pension = Php 300 + P4,000 + Php 8,000 + Php 1,000
- Monthly Pension = Php 13,300
Please note that the monthly pension stated above is only a rough estimate based on the given situation. There may be several other factors that can affect the amount that a member will receive like existing loans.
In filing for an SSS Retirement Benefit claim, there are documents that the Social Security System require from the members. It is important to ensure that you have all the documents needed for your claim application to be processed.
