Guide on the Total Monthly Contribution Requirement To Avail SSS Pension
SSS PENSION – Here is a guide on the total monthly contribution requirement set by the Social Security System (SSS) under the Retirement Benefit.
The Social Security System or more commonly called as SSS is a social insurance program where most employees of the private sectors are a member of.
The members pay monthly contributions to the insurance institution to be eligible for the SSS benefits and as well as offers like loans. When it comes to financial assistance in the form of loan, the insurance institution offers:
With regards to the benefits offered by the Social Security System, one of them is the SSS Pension or SSS Retirement Benefit. Undeniably, a lot of members are looking forward to this benefit.
Under the said Retirement Benefit, a member of the social insurance program who has retired from his or her job may be entitled for a monthly SSS pension or a lump sum.
The institution has set a total monthly contribution requirement in availing the SSS Pension. If not met, the member may avail the lump sum amount.
Based on the official website of the Social Security System, the total monthly contribution requirement for the SSS Pension is 120 monthly contributions.
If the retired member has not reached a total of 120 monthly contributions, he or she may get a lump sum amount which is equivalent to his or her whole contribution to the program.
According to the Social Security System, if the retired member has existing loans, the balance will be deducted in full from the pension or lump sum. The same thing will happen for the benefits obtained due to sickness or disablement.
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