SSS Retirement Benefits — A Guide for Members on Monthly Pension vs. Lump Sum

Know More about the SSS Retirement Benefits for Members — Monthly Pension & Lump Sum

SSS RETIREMENT BENEFITS – The retiring members of the Social Security System may qualify to either a Monthly Pension or a Lump Sum.

In the Philippines, millions of Filipinos are in a constant pursuit to maintain not only an active but also an updated account to the Social Security System or more popularly called SSS. You might even be one of these people that is why you landed here. We’ve got you on the details about the retirement benefits you may claim.

The SSS is one of the giants in terms of social insurance in the country. Most of its members are working individuals in the private sector. A lot of companies and businesses in the country mandate an SSS membership from their employees.

For the employees in the private sector, their employers take a part in the payment of their SSS membership. Aside from locally-employed individuals, the Social Security System has also opened its members for self-employed individuals, overseas Filipino workers (OFWs), and voluntary members like the non-working spouses of SSS members.

To maintain an active membership to the SSS, a member must regularly post monthly contributions based on the rate set by the state-run social insurance institution. An updated account may qualify a member to the loans and benefit offers.

The SSS Retirement Benefits are among the benefit offers that members of the Social Security System may file a claim for. It is granted to members who have reached the retirement age, 60 yearsv old, and have stopped working.

Undeniably, among the many SSS benefits, most members look forward to the Retirement Benefits. These are forms of assurance that you have something to turn to in your senior years.

Who are qualified to file for SSS Retirement Benefits claim? The said benefit offers are open for members who meet the following eligibility requirements:

at least 60 years old and separated from employment or has ceased to be an SE/OFW/Household Helper (optional retirement);
at least 65 years old whether still employed/SE, working as OFW/Household Helper or not (technical retirement);
at least 55 years old and separated from employment or has ceased to be an SE, if an “underground mineworker” (optional retirement);
at least 60 years old whether still employed/SE or not, if an “underground mineworker” (technical retirement); or
a total disability pensioner who has recovered from disability and is at least 60 years old (or at least 55 years old, if an underground mineworker)

With regards to the SSS Retirement Benefits, there are two (2) grants that the retiring member may qualify for — a Monthly Pension or a Lump Sum.

Lump Sum

The lump sum is a cash benefit paid to the retiring member whose total monthly contributions posted did not reach 120 monthly contributions.