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|OVERVIEW||QUALIFYING CONDITIONS||HOW TO APPLY||PENSION DETAILS|
There are two types of retirement benefit:
The monthly pension depends on the member's paid contributions, his credited years of service (CYS), and the number of his 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 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
- P1,200, if the CYS is at least 10 but less than 20; or P2,400, if the CYS is 20 or more.
The monthly pension is paid for not less than 60 months.
A member who retires after age 60 with a total of 120 monthly contributions may be qualified to a monthly pension based on whichever is higher of the following:
- the monthly pension computed at the earliest time the member could have retired had been separated from employment or ceased to be self-employed plus all adjustments thereto; or
- the monthly pension computed at the time when the member actually retires.
A pensioner who retires more than once shall be entitled to the higher of:
- the monthly pension computed for the first retirement claim; or
- the re-computed monthly pension for the new claim
The dependents' allowance stops when the child reaches 21 years old, gets married, gets employed, or dies. However, the dependents' allowance is granted for life for children who are over 21 years old, if they are incapacitated and incapable of self-support due to physical or mental defect that is congenital or acquired during minority.
The retiree-member has the option to receive the first 18 months' pension paid out in lumpsum, but discounted at a preferential rate of interest to be determined by the SSS. The member shall start receiving his pension on the 19th month, and every month thereafter. This option for advance payment shall be exercised only when filing the first retirement claim. It is only the advanced pension payments that are discounted on the date of payment; the dependent's allowance and 13th month pension are excluded from the advanced 18-month pension amount.
The monthly pension is paid thru the member's designated bank thru which he wishes to receive his pension benefits under the "Mag-Impok sa Bangko" program. This became mandatory effective September 1,1993.
Upon approval of the claim, the SSS will send the member a notice voucher indicating when to withdraw the benefit from the bank.