Skip to content One of the benefits granted to the Social Security System (SSS) members is to have a pension after they reach the retirement age. This is also the primary reason of most members, to have their savings and cover their monthly expenses when the time that they cannot work.
But before you can avail this benefit you must pay first at least 120 total months of contribution. The member must be 60 years old if separated from employment or ceased to be self-employed, 65 years old if the member is employed or not and 55 years old for the underground mineworker of at least 5 years.
There are two types of retirement benefits, monthly pension and lumpsum amount.
Monthly Pension – a lifetime cash benefit paid to a retiree who has paid at least 120 monthly contributions to the SSS prior to the semester of retirement.
Lumpsum Amount – granted to a retiree who has not paid the required 120 monthly contributions. It is equal to the total contributions paid by the member and by the employer including interest.
For complete details and monthly pension computation, you can refer to this SSS page.
Requirements for SSS Retirement Benefits
If you are qualified to avail the retirement benefits, you need to prepare these requirements.