Guide on the Possible Deductions from Member’s SSS Retirement Pension
SSS RETIREMENT PENSION – Here is a list of the possible deductions from a Social Security System member’s retirement benefit or pension.
In the Philippines, a lot of people are members of the Social Security System or more commonly known as the SSS. Most of these individuals are either self-employed or working in the private sector.
The SSS members are entitled to a lot of benefits offered by the social insurance institution provided that they are active members. Among the benefits is the SSS Sickness Benefit.
Under the SSS Sickness Benefit, a member of the Social Security System may obtain cash assistance equivalent to his or her average salary on the days of absence due to illness or injury.
Aside from it, the SSS members may also turn to its salary loan offer in the face of emergencies. A member may borrow an amount that is equivalent to his or her monthly average salary.
With regards to the long term benefits, a lot of members are looking forward to the SSS retirement pension. It is for the members who have paid a total of at least 120 monthly contributions before the semester of his or her retirement.
Based on the official website of the Social Security System, a member-retiree who failed to reach the 120 total monthly contributions may be granted a lump sum.
With regards to the SSS retirement pension and lump sum, there may be deductions. Here is a list of the deductions (if applicable):
- Unpaid short-term loans to the SSS
- Availed sickness benefit
According to SSS, the amount under the unpaid short-term loans may deducted in full from the SSS retirement pension or lump sum amount.
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