How Much Will People Get From the SSS Retirement Benefit and How They can Get it

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The Social Security System (SSS) is a government agency that aims to help private employees. They have benefits and give out loans to private employees and have certain benefits when they reach certain number of contributions. Many people have been wondering about the SSS Retirement Benefit and how it works. Well, in this article, we will be giving you the details on how you can claim the SSS Retirement Benefit as well as let know how much you can get if you plan on claiming it.


Before we get to the details, let us first look at the eligibility and feasibility in claiming SSS Retirement Benefits. Last year, the SSS had a pension hike of P1, 000 to pensioners as a request by a lot of pensioners. That’s why the government agency’s life span was lessened from the year 2042 to 2032. Chief Executive Officer Emmanuel Dooc also said that the SSS’ lifespan might be further shortened to 2026 when the government announces another pension hike in the year 2019, just like what they said last year.

So, if no move is going to be made by the time 2026 comes to open, the SSS might not be able to sustain payments for everyone; that includes yourself.

Read: SSS Mobile App Finally Out

How do people qualify for the SSS Retirement Benefit?

This SSS benefit is one way to help if you are not able to work due to old age – retirement. So, there are certain things that they might need from you in order for them to allow or to grant you the retirement plan or benefit.

  • If you are an SSS member who are aged 60 and above, and have separated or stopped employment. If you have reached or made at least 120 contributions before the semester of your retirement; or
  • If you are an SSS member who are 65 years old, whether employed or not, and have made at least 120 contributions before the semester of your retirement.

So, you better count how many months your contributions are if you are thinking of claiming this in the future. Moreover, you should also consider the number of years you are working with a specific company. By knowing this, you can then plan how you can make contributions if you think that regular premium contributions won’t be fit with your current employment situation.

What is the amount that people can receive from the SSS Retirement Benefit?

It is imperative to know how this is computed because we can’t escape the fact that they might take advantage of the situation and cheat on whatever they are going to give you. Given the fact that the agency is running out of funds in terms of lifespan, it’s important to know what things are included in the computation and how they are factoring in everything.

To give you a basic thought about it, pensioners will usually get an amount that depends on the credited years of service (CYS) and the dependent minor children which does not exceed five (5).

  1. The sum of P300.00 plus 20% of the average monthly salary credit. Add two (2) percent of the monthly salary credit for each CYS above ten (10) years;
  2. 40% of the average monthly salary credit; and
  3. P1, 200.00 if the CYS is at least ten (10) but less than 20; or P2, 400.00 if the CYS is above 20 years.

Based on the SSS contribution table, let me give you a concrete example. A person who have been contributing for 40 years who is earning a basic monthly salary of P30, 000.00 will get a monthly SSS pension of P13, 100.00.

Read: How Much Will I Get If I Avail For An SSS Maternity Benefit?

  • P300 + (20% of average monthly salary credit) + (2% of average monthly salary credit x (40 years – 10))
  • P 300 + (20% x P16, 000.00) + (2% x P16, 000.00 x 30)
  • P300 + P3, 200.00 + P9, 600
  • Monthly Pension = P13, 100

That is a sample computation of how the retirement pension is computed. This, however, does not factor in the inflation situation. If you wish to know about it more accurately, you can consult your local SSS branch or give the SSS customer care a call.


The SSS Online Pension Calculator

With the current technology leading us on, the SSS also has an online pension calculator. This tool will allow you to have a better idea and computation. You just have to put in the variables and it will direct you to the result that you require.

How do I use this SSS online pension calculator?

It’s actually easy – you just have to access it by opening the SSS Retirement Benefit Estimator or Calculator. Fill it out with the information it requires which are:

  • Date of birth
  • Month and year when you started your SSS contributions
  • Your monthly salary

Once done, it will show you two (2) results: It will give you the amount when you retire at the age of 60; and the amount when you decide to retire at the age of 65.

If you think that the amount you’re getting at is not enough to sustain you and your family’s needs, then you might want to start looking for a contingency plan or a better and a more lucrative retirement plan.

Other than the SSS Retirement Benefit, what else can people get upon their retirement?

Read: Updated SSS Contribution Table 2019

Government employees can get more with their retirement benefits. That is if they have made the right amount of contributions when they hit a certain age. To know more about that, you can visit the Government Service Insurance System’s (GSIS) website.

In addition to that, PhilHealth members also have something to look forward to. The PhilHealth automatic membership extends it reaches for hospitalization benefits to both the retiree and their legal dependents. This, however, only applies if the retiree has successfully made at least 120 PhilHealth contributions.

How does the PhilHealth membership benefit work?

The minor children of a retiree irregardless of legitimacy also entitled to a dependents’ pension. This pension is equivalent to 10 percent of the retiree’s pension (P250.00); whichever amount is higher. This allowance, however, applies to only five (5) children, must all be minors and will become invalid until their 21st birthday.

When the retiree passes, their primary beneficiaries who are listed will fully be entitled to the pension. Yes, the beneficiaries will receive 100 percent of the pension to both the retiree and the retiree’s dependents. If, however, the retirees pass 2 months or sixty days from the start of the pension and no primary beneficiaries are listed, the secondary listed beneficiaries would receive the lump sum amount which is equivalent to the 5-year period. This does not include the dependent’s pension, just the primary beneficiaries’s.

So, those are the other things that retired people can get when they retire, other than the SSS retirement pension.

How can pensioners claim their monthly SSS pension?

Note: If a retiree decides to work again when they reach the age of 60, their pension will be locked until the certain retiree reaches the age of 65.

Furthermore, pensioners can claim the benefit in two (2) ways: a lump sum amount or a lifetime monthly pension. The agency will give the pensioner’s lump sum amount through the designated bank (preferably the branch nearest to you). When the pensioner claims the retirement benefit, the SSS will require you to open a single savings account and will ask you to submit a photocopy of:

  • ATM Card
  • Initial deposit slip
  • Passbook
  • Bank statement
  • Visa card enrollment form

On the other hand, the SSS is open in giving you the first 18 months of your pension at a discounted rate. The amount will be determined by the SSS. On the 19th month and forward, you’ll be receiving your monthly pension.

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