Quick Answer: Can I Lump Sum My SSS Contribution?

How much is SSS lump sum?

Benefit Computation the sum of P300 plus 20 percent of the average monthly salary credit plus two percent of the average monthly salary credit for each credited year of service (CYS) in excess of ten years; or.

forty (40) percent of the average monthly salary credit; or..

Can I pay SSS annually?

If you are self-employed or a voluntary member, the frequency of your contribution payments can be on a monthly or quarterly basis. … You may also pay your contributions for the months of October to December of a given year until January 31st of the following year.

How many pregnancies are covered by SSS?

4. There is no limit to the number of times the benefit can be availed for childbirth or miscarriages, unlike before, where SSS only pays up to four (4). 5. The maternity benefit shall only be paid once for every delivery or pregnancy regardless of the number of babies.

What are the requirements for SSS lump sum?

To qualify for lump sum retirement benefit, a member is at least 60 years old (or 55 years old, if an underground mineworker) for optional retirement, or 65 years old (or 60 years old, if an underground mineworker) for technical retirement, and has paid less than 120 monthly contributions.

What is the maximum SSS monthly pension?

The higher the monthly salary credit and the longer the years a member paid his/her contributions, the higher his/her monthly pension will be. To date, the highest amount of pension being paid by SSS for a retiree-pensioner is P18,945 while the minimum amount of pension is P2,000.

What are the requirements for SSS calamity loan?

How to qualify for the SSS calamity loan assistancehave at least 36 monthly contributions, six of which should be posted within the last 12 months before the application.have a work or home address within the Philippines as reflected in the SSS database.More items…•

Where can I pay my SSS voluntary contribution?

List of Payment Facilities for SSS TransactionsSSS Tellering Branches (120+ branches to date)Partner Banks (Over-The-Counter) Asia United Bank* (AUB) Bank of Commerce* (BOC) Bank One Savings Bank. First Isabela Cooperative Bank (FICO Bank) Partner Rural Bank. Philippine Business Bank (PBB) … Non-Bank Collecting Partners.

What is the retirement age in SSS?

60 years oldA member is qualified to avail of this benefit if: Member is 60 years old, separated from employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement.

What is the maximum amount of SSS funeral benefit?

The employee-member was subject to compulsory coverage but was not reported for coverage by his/her employer. The Funeral Benefit is a variable amount ranging from a minimum of P20,000.00 to maximum of P40,000.00, depending on the member’s number of paid contributions and average monthly salary credit.

What if the SSS pensioner dies?

Death Benefit You can get a monthly pension or lump sum amount as a beneficiary of a deceased SSS member. … If you have dependent minor children, they get a pension equivalent to 10% of the member’s monthly pension or P250, whichever is higher. You also get a 13th-month pension every December.

When can I stop paying SSS contributions?

You can stop paying contribution after you make a final SSS benefit claim for total disability or retirement. Although you only need a minimum of 120 monthly contributions to qualify for a retirement pension, it doesn’t mean you should stop paying contributions once you reach this amount.

Can I withdraw my SSS contribution?

However, once you become a covered SSS member, you become a member for life. The contributions that you remit become savings for the future that will serve as basis for the granting of social security benefits in times of contingencies. Membership cannot be withdrawn and contributions paid cannot refunded.

What will happen if I stop paying my SSS contribution?

Once you become an SSS member, you’re covered for life even if you miss your monthly payments. There’s no penalty for individual members who fail to pay their contribution for a certain period. However, the SSS doesn’t allow members to make retroactive payments just so they qualify for a loan or benefit.

How long should I pay my SSS contribution?

If with less than 120 monthly contributions, the member shall be entitled to a lump sum amount equivalent to the contributions paid by him/her and on his/her behalf. However, member has the option to continue paying contributions to complete the 120 months to become eligible for monthly pension.

How much is SSS contribution for unemployed?

RA 11199, which requires SSS to pay unemployment benefits to jobless members, is the same law that raises the SSS contribution rate from 11% to 12% in 2019, 13% in 2021, 14% in 2023, and 15% in 2025. Two-thirds of the increase will be shouldered by the employer, while one-third will be deducted from the employee.