by Venus Zoleta, on category "Government Services"
October 19, 2018
The SSS retirement pension is always an emotional topic for retirees. It’s perfectly understandable—you’ve worked 40 years of your life and paid your SSS contributions without fail. It’s only fair to receive a pension that’s commensurate with the money and years of labor you’ve invested.
But alas, it isn’t the reality for retirees in the Philippines.
Stories of disappointed SSS pensioners are all too common. If you’re a child, nephew/niece, or grandchild of senior citizens, you’ve probably heard endless rants about how little they receive from the SSS. Even the SSS retirement benefit application process may be too cumbersome for them to begin with.
Perhaps, if they knew what to expect before receiving their retirement benefits, they wouldn’t be frustrated as much.
If you’re a soon-to-be SSS pensioner or a family of one, it’s important to set your expectations right. Here’s what you need to understand about SSS retirement benefits and how to file for them.
The SSS retirement benefit is a cash benefit paid to members of age 60 and above who can no longer work due to old age. SSS gives it either in a monthly pension or in a one-time lump sum cash.
Applying for an SSS retirement pension without understanding everything about it can lead to a heartbreak. Here are some links to useful information that you can check:
Before filing for retirement benefits, gather the following document requirements.
If a representative will file for a retirement claim on behalf of a retiree-member, the SSS requires these additional documents:
For special cases (like members aged 60 to 64, SSS employees, underground mineworkers, etc.), the SSS requires additional supporting documents. Check the full list of supporting documents for special cases here.
SSS retiree-members have two options when filing for a retirement claim: over-the-counter application and online application using the My.SSS portal.
If you’ll apply personally or through a representative, submit all your document requirements at the nearest SSS branch.
If you’re registered with the SSS Member Portal, here are the things you need to know before you apply for your SSS retirement benefit.
You can apply online via the My.SSS portal only if you’re filing for technical retirement claim. You’re qualified for technical retirement if you’re at least 65 years old, employed or not. The SSS also requires the following conditions before you can apply online:
Retirees can file an online application for technical retirement within six months before retirement date. The SSS benefit payment will be done on the actual retirement date.
If SSS approves your retirement claim, you’ll receive a notice voucher with details on when to withdraw your benefit from the bank.
SSS will pay your monthly pension through an SSS-accredited bank (such as BPI, PNB, China Bank, or DBP) that you chose during your retirement benefit application. Or you may use your UMID card to withdraw your benefits from ATMs of participating banks such as PNB, UnionBank, Security Bank, and AUB.
Thus, you need to open a savings account with an SSS-accredited bank before submitting your retirement benefit application. Banks like PNB offer dedicated bank accounts for SSS pensioners with a low initial deposit and minimum maintaining balance of PHP 100.
Pensioners have the option to receive their pension for the first 18 months as a lump-sum payment. This advanced SSS pension payment applies only when filing for the first retirement claim. SSS will pay the succeeding monthly pension starting on the 19th month.
Expect that you might not receive your monthly pension in full because SSS deducts any of the following, if applicable to you:
Got any question or concern about your SSS retirement benefit application? You can reach the SSS through these channels (Include your SSS number in your message):