Guide on SSS Retirement Lump Sum for Members
SSS RETIREMENT LUMP SUM – Here is a guide on the details that the Social Security System members must know about the Retirement Lump Sum.
Every year, thousands of members of the Social Security System are retiring. This is because millions of Filipinos are members of the state-run social insurance giant which is in the service of the Filipino people for decades already.
Many private companies and businesses in the country mandates their employees and workers to maintain an active membership to the Social Security System. They pay for a share of the SSS contribution of their employees.
An SSS membership may widen the access of the employees when it comes to loans and SSS benefits. One of the final benefits is the Retirement Benefit. Under it, if a retiring member has posted 120 monthly contributions, he/she may qualify for a pension.
Otherwise, the member will qualify for an SSS Retirement Lump Sum. Here are the categories considered by the state-run social insurance agency under the Retirement Benefit offer:
- 60 years old and above and separated from employment or has ceased to be an SE/OFW/Household Helper (optional retirement)
- 65 years old still employed/SE, working as OFW/Household Helper or not (technical retirement)
- 55 years old and above and separated from employment or has ceased to be an SE, if an “underground mineworker” (optional retirement)
- 60 years old and above whether still employed/SE or not, if an “underground mineworker” (technical retirement)
- a total disability pensioner who has recovered from disability and is at least 60 years old (or at least 55 years old, if an underground mineworker)
How much is the SSS Retirement Lump Sum? According to the state-run social insurance giant, the amount is “is “equal to the total contributions paid by the member and/or by his/her ERs, including the interest earned”.
Undeniably, while the SSS Retirement Lump Sum is a one-time payment to the retiring member, it also provides an opportunity for the member to invest it to where it has chances of growth. It can also help address current needs.
There are steps on how to file for SSS Retirement Benefit claim that you can follow to ensure a smooth process.