Quick Answer: How Much Is The Maximum SSS Monthly Pension?

How much is the retirement pension in Philippines?

Old-age pension (social insurance): The pension is the highest of: 300 pesos plus 20% of the insured’s average monthly covered earnings and 2% of average monthly covered earnings for each credited year of service exceeding 10 years; 40% of the insured’s average monthly covered earnings; 1,200 pesos with at least 10 but ….

How much is SSS monthly pension?

The amount of the monthly pension will be based on the member’s number of paid contributions and the years of membership prior to the semester of disability. The lowest monthly pension is P1,000 for members with less than 10 credited years of service (CYS); P1,200 with at least 10 CYS; and P2,400 with at least 20 CYS.

How much is the minimum SSS pension in the Philippines?

The minimum monthly Retirement Pension is P1,200 if the member has 120 months contribution or at least ten (10) CYS; or P2,400 if with at least 20 CYS. A cash benefit granted – either as a monthly pension or a lump sum amount – to the beneficiaries of a deceased member.

What is the age for SSS pension?

60 years oldA member is qualified to avail of this benefit if: Member is 60 years old, separated from employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement.

How much is the pension bonus?

What are the Pension Bonus rates?Length of Scheme membershipMaximum Pension Bonus if you’re singleMaximum Pension Bonus for each partner in a couple1 year$2,119.90$1,6022 years$8,479.70$6,408.203 years$19,079.30$14,418.404 years$33,918.80$25,632.701 more row•May 1, 2019

What if the SSS pensioner dies?

The primary beneficiaries of a deceased member who has paid less than 36 monthly contributions shall be entitled to lumpsum benefit, which shall be the higher of: monthly pension multiplied by the number of monthly contributions paid prior to the semester of death; or. twelve (12) times the monthly pension.

Can I stop paying SSS after 10 years?

You can stop paying contribution after you make a final SSS benefit claim for total disability or retirement. Although you only need a minimum of 120 monthly contributions to qualify for a retirement pension, it doesn’t mean you should stop paying contributions once you reach this amount.

How much is the pension of senior citizen in Philippines?

9994 or the “Expanded Senior Citizens Act of 2010,” qualified indigent senior citizens receive a monthly stipend of P500 to help augment their daily subsistence and other medical needs. The social pension is distributed on a semestral basis at P3,000 per semester or P500 per month for six months.

What is the maximum SSS monthly pension?

The monthly pension will be the highest amount resulting from either one of these three pension formulae: the sum of P300 plus 20 percent of the average monthly salary credit plus two percent of the average monthly salary credit for each credited year of service (CYS) in excess of ten years; or.

How are monthly pension benefits calculated?

The amount of the monthly pension benefit you will receive is based on the following formula:1.5% of your highest average earnings up to the CPP’s Year’s Maximum Pensionable Earnings (YMPE)Plus 2.0% of your highest average earnings over the YMPE.Multiplied by your years of credited service.Divided by 12.

Can I retire at 55 with 300k?

The basics. If you retire at 55, and the average life expectancy is around 87, then 300K will need to last you 30+ years. If it’s your only source of retirement income, until the state pension kicks in at around 67/68, then you are going to have to budget hard to make it last.

How much is the 13th month pay of SSS pensioners?

The Social Security System (SSS), through Development Bank of the Philippines (DBP), has released its December pension and 13th-month bonus amounting to P23.