3 Formulas on How To Compute Your SSS Monthly Pension After Retirement
Here is a guide on how to compute your SSS Monthly Pension to determine the amount that you will be receiving in the future.
There is a huge benefit in maintaining an active and updated account to the Social Security System. With it, you always have loans and benefits that you can turn to in times of need for financial support due to unemployment, sickness, disability, old age, etc.
Undeniably, what most members look forward to the most is the Monthly Pension under the SSS Retirement Benefit. It is open for members who reached the optional or technical retirement age with at least 120 monthly contributions posted in their account.
Are you one of the people who are wondering about the amount that you may receive as pension? There are three (3) essential formulas on how to compute your SSS monthly pension and whichever yields the highest amount will determine your final monthly pension:
Formula 1:
- 40% of the average AMSC + ₱1,000
Formula 2:
- ₱1,200 if CYS is somewhere from 10 to 20 years; ₱2,400 if CYS is 20 years or more + ₱1,000
Formula 3:
- ₱300 + 20% of average monthly salary credit (AMSC) + 2% of AMSC for each credited year of service (CYS) in excess of ten years + ₱1,000
You might also check for an estimate of your SSS monthly pension through the retirement benefit estimator of the state-run social insurance giant. Aside from the monthly pension, there are other benefits and cash grants that the pensioners may be entitled to.
Thousands of Filipinos are pensioners of the Social Security System. It is important to ensure that you have paid for the required 120 monthly contributions before applying for a Retirement Benefit so you can qualify for the pension. If you have yet to reach it but you are already 60 years old, you may continue posting monthly contributions until you are 65 years old.