SSS members are always curious about the amount of monthly pension that one will get once the member retires. Do you also want to know?
The official SSS fb page recently released a series of educational materials for the benefit of its members dubbed as “The Value of SSS Membership”.
The latest info-material is getting viral because it shows a comparison between two members Juan and Pedro, both started at the same time as Social Security System members and both also retires at the same time, but Juan and Pedro’s monthly contribution is different as well as the projected monthly pension that they will get once they retire.
SSS CONTRIBUTION and PENSION COMPARISON
MONTHLY: Juan contributes Php110 monthly, while Pedro’s is the SSS maximum contribution of P1,760.
YEARLY: Every year Juan’s total contributions amounts to P1,230, while Pedro’s is P21,120.
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.
Come retirement period, pensionado na si Juan at Pedro. This is now the illustrated pension benefit that both members will get. This info comes straight from SSS.
MONTHLY: Juan will get monthly pension of P2,400 while Pedro will get P6,700 per month.
YEARLY: Total pension that Juan will get in one year including the 13th month bonus is P31,200 while Pedro will get P87,100.
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 controversial 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. The rate of SSS pension is not proportional 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 every one who are earning income as employed or self-employed to become active members of SSS.
How are SSS Monthly Pension Computed?
The officer in charge of the SSS Facebook page replied with the info on how the monthly pension of members are computed. The amount of monthly pension depends on the following:
- 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 firstname.lastname@example.org. Don’t forget to indicate the details of your concern / request, complete name and 10-digit SS number. Attach valid IDs to the email.
If you are an OFW, check here for ways on how to contact SSS for ofws while you are abroad.
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
We hope that this iSensey SSS information sharing is useful to you and your family. Check out other SSS articles too on this website. Thank you.
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