Guide On How Much Can Be Received as SSS Member Pension Per Month
SSS MEMBER PENSION – Here is a guide on how much a Social Security System member can get as a monthly pension under the retirement benefit offer.
Members of the Social Security System (SSS), a state-run social insurance program in the Philippines, are entitled to a lot of privileges and assistance offers.
The SSS benefits includes the sickness benefit, the maternity benefit, the death claim, and the funeral assistance. Cash assistance is offered to the member and the family of the member under these perks.
Aside from the aforementioned benefits offered by the Social Security System, members who have reached the required total monthly contributions may also be entitled to an SSS monthly pension.
Undeniably, most members of the social insurance institution are after the monthly pension benefit after retirement. It is a security that you will be receiving an amount after leaving work.
Based on the official website of the Social Security System, the SSS monthly pension can be availed by members who have reached 120 total monthly contributions.
With regards to the amount under the SSS member pension, here is a computation on how much a member can get monthly.
The SSS member pension is equivalent to the highest computation among the following:
- 300 + (20% x AMSC*) + (2% x AMSC) x (CYS** – 10);
- 40% x AMSC;
- Minimum pension of Php 1,200.00 if the retiree has 10CYS or Php 2,400.00 if the retiree has 20CYS
The AMSC refers to the Average Monthly Salary Credit of the member while the CYS refers to the Credited Years of Service.
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