The retirement benefit is a cash benefit paid either in monthly pension or as lump sum to a member who can no longer work due to old age.
Types of retirement benefits
Monthly pension – a lifetime cash benefit paid to a retiree on aregular basis.
Lump sum amount – one-time payment granted to a retiree. The amount is equal to the total contributions paid by the member and/or by his/her ERs, including interest earned
Qualifying Conditions
Member must have paid at least 120 monthly contributions prior to the semester of retirement and is any of the following, whichever is applicable:
- 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).
A former retiree-pensioner whose monthly pension was suspended due to reemployment/self-employment and is now separated from employment or has ceased to be an SE.
A member who is 60 years old and above, but not yet 65, with 120 contributions or more may continue paying as VM up to 65 years old to avail of the higher amount of benefit.
Terms and conditions for retirement of Underground Mineworkers
An Underground Mineworker is any person employed to extract mineral deposits underground or whose workplace is beneath the ground performing and coordinating activities for the purpose of searching for and extracting mineral deposits, which includes the muckers,miners, bull-gang workers, etc. and any other person working underground regardless of positions such as geologist, security guards, mechanics or sampler.
Lump sum amount
Member is at least 60 years old (or 55 years old, if an underground mineworker) for optional retirement, or 65 years old (or 60 years old, if an underground mineworker) for technical retirement, and has paid less than 120 monthly contributions. A member filing for retirement benefit and has paid less than 120 monthly contributions shall be given the option to continue paying the contributions as a VM to complete the 120 months to avail the full benefits thru monthly pension.
Online Application of Retirement Benefit thru My.SSS
Open to all:
Overseas Filipino workers and voluntary members who are at least 60 years old upon the date of submission of retirement claim application.
Employee-members who are at least 60 to 64 years old and separated from employment. Excluded are underground or surface mineworkers and racehorse jockeys.
Members who are at least 65 years old upon the date of online filing of claim.
Qualifying Conditions:
Members must have a registered account in the My.SSS facility in the SSS website
1. Must have disbursem*nt account enrolled in the Bank Enrollment Module of My.SSS such as:
- UMID-ATM
- UBP Quick Card
- Any PESONet-accredited bank
If filing for monthly pension:
They have at least 120 posted monthly contributions prior to the semester of the month of submission of online retirement application
If filing for lump sum benefit:
They have at least 1 posted monthly contribution
2. They have no cancelled or multiple SS number/s
3. They have no outstanding loan balance under the:
- Stock Investment Loan Program
- Privatization Fund Loan Program
- Educational Loan Program, or
- Vocational Technology Loan Program
(only unpaid SSS salary or calamity loan, including those borrowed under the Salary Loan Early Renewal Program are allowed)
4. They have no dependent child/ren
Watch the video guide:
FAQs
Understanding Your Retirement Age
P 1,200 if CYS is somewhere between 10-20 years; P2,400 if CYS is 20 years or more + P1,000. P300 + 20% of average monthly salary credit (AMSC) + 2% of AMSC for each credited year of service (CYS) in excess of ten years + P 1,000. 40% of the average AMSC + P1,000.
How much is the maximum social security pension in the Philippines? ›
As of 2024, the maximum Social Security System (SSS) pension in the Philippines is Php 18,495 per month, while the minimum is Php 2,000.
Can you receive your social security benefits in the Philippines? ›
We need the information to send your U.S. Social Security payments electronically to your Philippines bank account. You will receive your payment through the Philippines banking system and will usually be in your bank account shortly after the regular payment date.
What happens if you do not pay SSS? ›
Monthly report of SSS contributions
They may also get a fine of PHP 5,000 to PHP 20,000. This is on top of paying a monthly 3% penalty and all outstanding SSS contributions. In addition, they also have to provide benefits to employees who die, get ill, become disabled, or hit retirement age.
How much is SSS pension in the US? ›
Average Social Security check by type
| Type of beneficiary | Percent of total payouts | Average monthly benefit |
|---|
| Retirement benefits | 78.6% | $1,856.38 |
| Retired workers | 74.8% | $1,905.31 |
| Survivor benefits | 8.7% | $1,501.60 |
| Nondisabled widow(er)s | 5.2% | $1,774.33 |
4 more rowsFeb 8, 2024
An SSS retiree is entitled to monthly pension for as long as he lives. However, granting of monthly pension to an SSS retiree below 65 years old will be suspended if he becomes gainfully re-employed or resumes self-employment, upon which he is again subject to mandatory coverage until his compulsory retirement.
How long can you live outside the U.S. without losing Social Security? ›
There's No Time Limit For Receiving Social Security Benefits Abroad. Luckily, there is no time limit on how long you can live outside the U.S. and still receive monthly Social Security payments. As long as proof of life documents are signed and returned annually, you'll still get paid.
Can I still get my SSS pension if I live abroad? ›
If you earned Social Security benefits, you can visit or live in most foreign countries and still receive payments. Look up the country on the SSA Payments Abroad Screening Tool to be sure you can receive your payments.
Can I keep my Social Security if I move to the Philippines? ›
If you leave the U.S., we will stop your benefits the month after the sixth calendar month in a row that you are outside the country. You can make visits to the United States for specific periods of time, depending on how long you've been outside, to continue receiving your benefits.
How many years do I have to pay SSS? ›
Member must have paid at least 120 monthly contributions prior to the semester of retirement and is any of the following, whichever is applicable: at least 60 years old and separated from employment or has ceased to be an SE/OFW/Household Helper (optional retirement);
However, once you become a covered SSS member, you become a member for life. The contributions that you remit become savings for the future that will serve as basis for the granting of social security benefits in times of contingencies. Membership cannot be withdrawn and contributions paid cannot refunded.
What happens if an SSS beneficiary dies? ›
DISTRIBUTION OF DEATH BENEFITS
If the SPF beneficiary died prior to the death of the SPF MEMBER, his/her share in the SPF Death benefit shall be equally distributed to the remaining declared SPF beneficiaries or, in case of a sole beneficiary, to the beneficiaries of the SPF MEMBER under the regular SSS program.
How do I calculate my SSS retirement? ›
the sum of P300 plus 20 percent (20%) of the average monthly salary credit plus two percent (2%) of the average monthly salary credit for each CYS in excess of 10 years; or 2. 40 percent (40%) of the average monthly salary credit; or 3. P1,200, if with at least 10 CYS; P2,400, if with at least 20 CYS.
How much are retirement benefits in the Philippines? ›
The retirement pay is calculated as follows: One-half of one month's income for each year of service. A fraction of at least six months is counted as one full year.
How much is the Social Security in the Philippines? ›
Philippines Social Security Rate
| Related | Last | Unit |
|---|
| Sales Tax Rate | 12.00 | percent |
| Social Security Rate | 12.00 | percent |
| Social Security Rate For Companies | 8.00 | percent |
| Social Security Rate For Employees | 4.00 | percent |
2 more rowsThe maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.
