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SSS Retirement Pension Calculation:
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The SSS Retirement Pension is a monthly cash benefit granted to a member who can no longer work due to old age. It provides financial support to retired members who have paid at least 120 monthly contributions to the SSS prior to the semester of retirement.
The calculator uses the SSS pension formula:
Where:
Explanation: The pension amount is the highest result from the three calculation methods, ensuring retirees receive the most beneficial amount.
Details: Proper retirement planning with SSS ensures financial security during old age. Understanding your potential pension helps in making informed decisions about additional savings and investments.
Tips: Enter your average monthly salary credit in PHP and your total credited years of service. The calculator will estimate your monthly pension based on SSS formulas.
Q1: Who is eligible for SSS retirement pension?
A: Members who are at least 60 years old (optional retirement) or 65 (technical retirement), separated from employment or ceased to be self-employed, and have paid at least 120 monthly contributions.
Q2: What is the minimum pension amount?
A: The minimum monthly pension is PHP 1,200 for members who meet the eligibility requirements.
Q3: Can I receive my pension if I continue working?
A: If you continue working after age 65, you must retire and stop working to receive your retirement pension.
Q4: How is AMSC calculated?
A: AMSC is based on your monthly salary credits during your working years, calculated as the average of your highest 60 monthly salary credits.
Q5: When should I start planning for retirement?
A: It's never too early to start planning. The sooner you begin contributing and understanding your potential benefits, the better prepared you'll be for retirement.