1. What is the SSS Retirement Benefit?

The SSS (Social Security System) Retirement Benefit is a monthly pension provided to members who have reached retirement age and have made the required contributions. It serves as financial support for retired workers in the Philippines.

2. How Does the Calculator Work?

The calculator uses the SSS pension formula:

Where:

• \( AMSC \) — Average Monthly Salary Credit (PHP)
• \( CYS \) — Credited Years of Service
• \( \text{min pension} \) — Minimum pension amount (PHP 1,000)

Explanation: The formula calculates the highest value among three options: the main formula, 40% of AMSC, or the minimum pension amount.

3. Importance of Pension Calculation

Details: Accurate pension estimation helps members plan for retirement, understand their expected benefits, and make informed decisions about their financial future.

4. Using the Calculator

Tips: Enter your Average Monthly Salary Credit in PHP and your total Credited Years of Service. Both values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum pension amount?
A: The minimum pension is currently PHP 1,000 for members who have at least 10 credited years of service.

Q2: How is AMSC calculated?
A: AMSC is based on your monthly salary credit, which is determined by your actual monthly salary and the SSS contribution table.

Q3: What is the retirement age for SSS?
A: The retirement age is 60 for optional retirement and 65 for technical retirement, provided you have at least 120 monthly contributions.

Q4: Can I receive lump sum instead of monthly pension?
A: Yes, if you have less than 120 monthly contributions, you may opt for a lump sum amount equivalent to your total contributions.

Q5: Are there other factors that affect pension amount?
A: Yes, additional factors may include dependent's pension, maternity benefits, and other SSS program benefits you may qualify for.