"Advertisements"
SEARCH THIS SITE
"Sponsored Links"
SEARCH THIS SITE FOR HOUSE DESIGN, OVERSEAS FILIPINO NEWS, FREE ONLINE STUDIES, CASH LOANS and BANK LOANS, PROPERTY FOR SALE, HOUSE AND LOT, FORECLOSED, CARS FOR SALE and anything beneficial for the Filipinos at home and abroad

Wednesday, February 22, 2017

HOW MUCH WILL BE YOUR SSS PENSION -based on your monthly contribution.


Now that Malacañang has already signed the P1,000 pension increase for around two million Social Security System (SSS) pensioner, do you know how much is your pension in case you retire?  As a member of SSS, it is important to know how much you will get after many years of giving your contributions to the agency.   SSS Chairman Amado Valdez: Dagdag P1,000 sa SSS pensioners inaprubahan na ng Malacañang. Dagdag, retroactive mula January 2017.



Now that Malacañang has already signed the P1,000 pension increase for around two million Social Security System (SSS) pensioner, do you know how much is your pension in case you retire?

As a member of SSS, it is important to know how much you will get after many years of giving your contributions to the agency.

SSS Chairman Amado Valdez: Dagdag P1,000 sa SSS pensioners inaprubahan na ng Malacañang. Dagdag, retroactive mula January 2017.


Susie G. Bugante, vice president for public affairs and special events of the SSS in her column in Business Mirror dated February 21, 2017, explains a simple computation of retirement pension according to Section 12 of the SSS Act of 1997.

SEC. 12. Monthly Pension - (A) The monthly pension shall be the highest of the following amounts:





Notwithstanding the preceding graphics, the minimum pension shall be One thousand two hundred pesos (P1,200.00) for members with at least ten (10) credited years of service and Two thousand four hundred pesos (P2,400.00) for those with twenty (20) credited years of service.



Using three computations above, assuming the case of someone who contributed for 25 years based on the AMSC of P16,000. Using the first formula, we have P300 + 20 percent (16,000) + [2 percent (16,000) x (25-10)]=P300 + P3,200 + [320 x15]=P8,300. The basic pension amount in this case is P8,300.

The second formula, which is 40 percent of the AMSC, will be 40 percent of P16,000=P6,400.

Applying the third formula would yield P2,400 as the basic pension. Since the law provides that the highest amount shall be granted as the pension, this means that the basic pension shall be P8,300. 




For example, the cases of Juan and Pedro. Juan has a monthly salary credit of P1,000 (the lowest salary level subject to the SSS contribution) and contributes to SSS based on this salary for 25 years, while Pedro has a monthly salary credit of P16,000 (the maximum salary as of to-date) and also contributes for 25 years. Juan’s monthly contribution of P110 would total P33,000 after 25 years of contribution to the SSS, while Pedro, whose monthly contribution of P1,7650, would sum up to P528,000 after 25 years.

If they both file for retirement pension at the same time and receive pensions for 25 years, Juan, whose pension will amount to P2,400 per month, would have received a total of P780,000, while Pedro, whose monthly pension is P8,300, would have received P2,699,500 after 25 years.

Furthermore, if they both pass away and are survived by their legal spouses, their pensions will cross over to their spouses as their primary beneficiaries.


Now that you have an idea how much you will be received in case you will retire, it is in your hands how much would you like to contribute for your retirement.

SEE MORE:

How To Apply For SSS Direct Housing Loan Facility For OFWs

SSS Offers as Much As Php2 Million Direct Housing Loan for OFWs

SSS Offers Loan Restructuring/ Condonation For Delinquent Borrowers

SSS CONTRIBUTION PROPOSE TO BE MANDATORY FOR OFWs

How To Apply For SSS Educational Assistance Loan







©2017 THOUGHTSKOTO