How Much SSS Pension Will You Get When You Retire And How To Compute SSS Pension

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SSS Mission: To manage a sound and viable social security system which shall promote social justice and provide meaningful protection to members and their families against the hazards of disability, sickness, maternity, old age, death and other contingencies resulting in loss of income or financial burden.

In this time that you are capable to work and being able to contribute some percentage from your salary that turns into benefits from government like SSS, so when the time you need to retire you can get monthly pension.

It is always part of curiosity if how much you get if you already retire.

Recently, the official SSS Facebook page recently released a series called “The Value of SSS Membership” concerning about educational materials for the benefit of its members.

Apparently, the latest info-material is getting viral because it shows a comparison between two members Juan and Pedro, both started at the same time and retires as Social Security System members.

But Juan and Pedro’s monthly contribution is not the same as well as the projected monthly pension that they will get once they retire.

As per the series, here is the illustration for SSS CONTRIBUTION and PENSION COMPARISON.

This information is from SSS.

Monthly Contributions Yearly Total Contributions
Juan Php110 Php1,760
Pedro Php1,230 Php21,120

20 YEARS TOTAL CONTRIBUTION: At P110 per month Juan will have contributed a total of P26,400 for 20 years. On the other hand, the total SSS contribution made by Pedro for 20 years totals P422,400 by paying P1,760 per month.

Monthly Pensions Yearly with 13month Total Pensions
Juan Php2,400 Php31, 200
Pedro Php6,700 Php87, 100

20 YEARS TOTAL PENSION: Within 20 years the total pension that Juan will get totals P624,400 while Pedro will get total SSS pension of PP1,742,400.

This becomes debatable because there are members saying that the pension computation is unfair to those who are contributing the max amount monthly to SSS versus those who are contributing the minimum of P110 monthly. It is actually the rate of SSS pension is not related to the contribution made by the members.

Some of those who are under the category maximum salary credit (msc) now are asking if they can just pay the lowest bracket too. Some says they wish SSS will become optional. Currently Philippine law requires everyone who is earning income as employed or self-employed to become active members of SSS.

Who are included in the SSS Pension Hike Increase?

This is additional info for those who wants to know who are included in the sss pension benefits increase which will be given beginning this March 2017. The following are included:

Retiree Pensioners
Survivor Pensioners
Disability Pensioners
Total Permanent Disability Pensioners
Partial Permanent Disability Pensioner
SSS Monthly Pension Computed that follow below:
Number & amount of contributions paid by the member;
Number of Credited Years of Service (CYS);
Date of contingency; and
Number of minor children qualified to the dependent’s pension.

The monthly pension depends on the members paid contributions, including the credited years of service (CYS) and the number of dependent minor children but not to exceed five. The amount of monthly pension will be the highest of:

The sum of P300 plus 20 percent of the average monthly salary credit plus 2 per cent of the average monthly salary credit for each accredited year of service (CYS) in excess of ten years; or

40 per cent of the average monthly salary credit; or

P1,200, provided that the credited years of service (CYS) is at least 10 or more but less than 20 or P2,400, if the CYS is 20 or more.

The officer further stated that SSS will always applies the method that is more beneficial to the member as well as implement the existing rules and regulations.

In case you have queries about your specific case and how much pension you will get for monthly contribution of P330, P440, P550, etc, please visit the nearest branch of this government agency or you can also contact SSS Call Center Hotlines at (02) 920-6446 to 55 from Monday to Friday.

Email is also possible, send a message to SSS Member Relations Department at member_relations@sss.gov.ph. Don’t forget to indicate the details of your concern / request, complete name and 10-digit SS number. Attach valid IDs to the email.

Moreover, if you are an OFW, check here for ways on how to contact SSS for ofws while you are abroad.

Hope this article you find it useful for you and your love ones. You can also share to others so they will be aware too.

Source: Isensey