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|OVERVIEW||QUALIFYING CONDITIONS||HOW TO APPLY||PENSION DETAILS|
There are two types of death benefit:
The monthly pension depends on the member's paid contributions, his credited years of service (CYS), and the number of dependent minor children that must not exceed five. The monthly pension will be the highest amount resulting from either one of these three pension formulae:
The monthly pension is paid for not less than 60 months.
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
forty (40) percent of the average monthly salary credit; or
- P1,000, if the CYS is less than 10; P1,200 if with at least 10 CYS; or P2,400, if the CYS is 20 or more.
If a deceased member is survived by less than five minor legitimate, legitimated, or legally adopted children, the illegitimate minor children will be entitled to 50 percent of the share of the legitimate, legitimated or legally adopted children in the basic pension and 100 percent of the dependents' allowance.
In cases where there are no legitimate, legitimated, or legally adopted children, the illegitimate minor children shall be entitled to 100 percent of the basic pension, plus dependent's allowance.
The monthly pension is paid thru the beneficiary?s designated bank. The beneficiary is allowed to choose the bank nearest his residence thru which he wishes to receive his pension benefits under the ?Mag-impok sa Bangko? program. This became mandatory effective September 1, 1993.
The beneficiary must open a single savings account and must submit to the SSS his saving account number and a photocopy of his passbook or ATM card upon filing of application. The original passbook/ATM must be presented for authentication purposes.
Upon approval of the claim, the SSS will mail a notice voucher to the beneficiary informing him when to withdraw his benefit from the bank.
Lump Sum Amount
The primary beneficiaries of a deceased member who has paid less than 36 monthly contributions shall be entitled to lumpsum benefit, which shall be the higher of:
- monthly pension multiplied by the number of monthly contributions paid prior to the semester of death; or
- twelve (12) times the monthly pension.
The secondary beneficiaries of the deceased member shall be entitled to a lumpsum benefit equivalent to:
- 36 times the monthly pension, if the member has paid at least 36 monthly contributions prior to the semester of death; or
- monthly pension multiplied by the number of monthly contributions paid or twelve (12) times the monthly pension, whichever is higher, if the member has paid less than 36 monthly contributions prior to the semester of death.