Guide on the SSS Retirement Benefit for Members
SSS RETIREMENT BENEFIT 2024 – Here are the important details about the Social Security System Retirement Benefit offer.
In the Philippines, countless Filipinos are members of the Social Security System. More popularly called SSS, the state-run social insurance giant has several offers including loans and benefits for members who attain the eligibility requirements set.
An SSS membership is mandated among the employees of several companies and businesses in the private sector. Self-employed individuals and overseas Filipino workers (OFWs) are also encouraged to be members of the Social Security System as it helps its member prepare for the future and it widens the resources.
Aside from the SSS loans, the Social Security System also has several benefit offers including the SSS Retirement Benefit. Undeniably, it is the benefit offer which serves as the goal of the members of the state-run social insurance giant.
The Retirement Benefit is an assurance that a member has something to turn to when he/she reaches the age of seniority. It is open for members who meet any of the following eligibility criteria set by the state-run social insurance agency:
- 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)
A retiring SSS member who has posted at least 120 monthly contributions at the time of retirement may qualify for the SSS Retirement Pension. Otherwise, if the member’s total contribution has not reached 120 monthly contributions, he/she may qualify to the SSS Retirement Lump Sum.
If the retiring member has reached 60 years old and decided to continue working, he/she may continue posting monthly contributions until the age of 65.
