Eligibility Requirements for SSS Lump Sum & Pension Retirement Benefits
SSS LUMP SUM – Here is a guide on who are qualified for the Social Security System retirement benefits such as the lump sum and the monthly pension.
Undeniably, among the several SSS member benefits offered by the Social Security System, the retirement benefit is the one that is most sought-after. It is a long-term goal of most members.
Under the retirement benefit, there is an assurance that you will be receiving an amount of money when old age comes or by the time you hit 60 years old. It may not only help the member but as well as the family of the member.
In order to avail the SSS retirement benefit, one must pass the eligibility requirements set by the social insurance institution. In this article, we will discuss who are qualified for the SSS lump sum and the monthly pension.
Based on the official website of the Social Security System, here are the guidelines on who are qualified to avail an SSS lump sum or a monthly pension which are the retirement benefits offered:
An SSS member who has paid at least 120 monthly contributions is eligible for a monthly pension. The following are covered under this retirement benefit:
- a 60-year-old member who got separated from work or stopped being self-employed
- a 65-year-old member who is still working
- underground mine workers aging 55-60 years old and are set to retire not earlier than March 13,1998
- underground or surface mine workers aging 50-60 years old and are set to retire from work not earlier than April 27, 2016
- racehorse jockeys aging 55 years old and are set to retire not earlier than May 24, 2016
SSS Lump Sum
Those SSS members who have reached the retirement age but have not reached 120 total monthly contributions to the social insurance institution may get a lump sum as a retirement benefit. It is a one-time payment that is equal to amount posted by the member and his or her employer(s) plus the interest.
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READ ALSO: SSS RETIREMENT BENEFIT – What Retiree May Receive Aside from Monthly Pension
Can a retiree claim a lump sum when he has more 120 monthly contribution?
can a retiree have a lump sum when he has more 120 montly contribution