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Thursday, February 23, 2017

How to apply for an SSS Retirement Benefit and to avail additional P1,000 in monthly pension?

President Rodrigo Duterte's promise to SSS retirees has been fulfilled after Malacanang Palace approved the release of additional P1,000 in SSS pensions.  This is indeed a good news for those who are already receiving their pension from SSS and for those who are planning to retire and enjoy their SSS retirement benefit.
President Rodrigo Duterte's promise to SSS retirees has been fulfilled after Malacanang Palace approved the release of additional P1,000 in SSS pensions.

This is indeed a good news for those who are already receiving their pension from SSS and for those who are planning to retire and enjoy their SSS retirement benefit.


SSS president and chief executive officer Emmanuel Dooc said pensioners would receive the P1,000 benefit increase starting on March 3. Pensioners will get the additional P1,000 pension increase for January, February and March on March 3, 10 and 17, respectively. 
And starting on April 2017, the benefit increase will be incorporated in the regular pension.
(Watch How-To video for a more detailed instruction)
SSS retirement benefit is a cash benefit, paid out either in monthly pension or as a lump sum to a member who can no longer work due to old age.





(Watch: BAGONG GUIDELINES NG SSS RETIREMENT PENSION)







What are the types of retirement benefits?

Monthly Pension - a lifetime cash benefit paid to a retiree who has paid at least 120 monthly contributions to the SSS prior to the semester of retirement.


The monthly pension is paid for not less than 60 months. A retiree has the option to receive the first 18 months pension in lump sum, discounted at a preferential rate of interest to be determined by the SSS. This option can be exercised only upon filing of the first retirement claim, and only advance payments shall be discounted on the date of payment. The Dependent’s Pension and 13th Month Pension are excluded from the advanced 18 months pension. The retiree will receive the regular monthly pension on the 19th month and every month thereafter.


How monthly pension is paid?

The monthly pension is paid thru the designated bank account opened by the member under the “SSS Pensioner’s Remittance thru Bank” Program. This became mandatory effective September 1, 1993. 

A member must open a single savings account and submit to the SSS his savings account number and a photocopy of his passbook upon the filing of his application, or he may accomplish the Visa Cash Card Enrollment Form. The original copy of the passbook must be presented for authentication purposes. 

For ATM accounts, the name of the member must be embossed and the savings account number must be indicated in the ATM card; otherwise, a copy of the deposit slip must be submitted.

Lump sum amount - granted to a retiree who has not paid the required 120 monthly contributions. It is equal to the total contributions paid by the member and by the employer including interest.

To qualify for a 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. 
A member filing for a retirement benefit and has paid less than 120 monthly contributions shall be given the option to continue paying the contributions as a VM to complete the 120 months to avail the full benefits thru monthly pension.

How lump sum pension is paid?

Payment of Lump sum Benefit Effective May 2016, the member may opt to receive the lump sum benefits for SS and EC Disability, SS Death and Retirement directly through his/her bank account, instead of receiving the check through the mail. The Payment thru-the-Bank Program shall become mandatory upon implementation of the Benefits Workflow System. 

Upon the filing of benefit application, the member will be asked to open a single savings account (or use an existing one, if any) and submit to SSS a photocopy of any of the following:

  • the savings account passbook; 
  • the ATM card bearing the member’s name and account number; 
  • a validated initial deposit slip; 
  • bank statement or certification; or 
  • Visa Cash Card Enrollment Form.
The original passbook/ATM card must be presented for authentication purposes. 

For members without an existing single savings account, the SSS shall issue a Letter of Introduction (LOI) form to be presented to his/her chosen SSSaccredited bank for the purpose of opening a single savings account. 

Upon approval of the claim, the SSS will mail a notice voucher to the member informing him/her when to withdraw the benefit from the bank.

Do you want to know how much SSS pension you will receive base on your contribution? Click the link below.

HOW MUCH WILL YOUR SSS PENSION BASE ON YOUR CONTRIBUTIONS?





What are the Qualifying Conditions?

A member is qualified to avail of this benefit if he/she is:


(A) An employed, self-employed or voluntary paying member who:

  • Has paid at least 120 monthly contributions prior to the semester of retirement; and
  • Has reached the age of 60 years and is already separated from employment or has ceased to be self-employed or has ceased paying voluntary contributions; or
  • Has reached the age of 65 even if still employed/self-employed.

(B) An Underground Mineworker who:

  • Has paid at least 120 monthly contributions prior to the semester of retirement; and
  • Has reached the age of 55 years and is already separated from employment or has ceased to be self-employed or has ceased paying voluntary contributions; or
  • Has reached the age of 60 years even if still employed/self-employed.
How to Apply

A member can file for Retirement Benefit personally or through a representative.

Application Requirements

(A) If filed over-the-counter, the member should submit the following:

  • Duly accomplished Retirement Claim Application (RCA) Form; or Application for DDR Benefit under the Portability Law, if applicable.
  • Present SS card or two (2) valid IDs both with signature and at least one (1) with a photo for authentication purposes. 
  • Member’s Photo and Signature Card
  • Single savings account passbook/ATM/UMID card enrolled as ATM/Accomplished debit/cash card enrollment form
(DOWNLOAD THE FORM HERE)



(B) If filed thru a representative:
  • Duly accomplished Retirement Claim Application (RCA) Form; or Application for DDR Benefit under the Portability Law, if applicable 
  • Member’s Photo and Signature Card 
  • Original of any one (1) of the Member’s primary ID cards/documents or two (2) secondary ID cards/documents, both with signature and at least one (1) with a photo.

Technical Retirement Benefit Claim

To file for Technical Retirement, members should meet the following conditions. 

They may also file online if they are registered in the SSS website:

  • Member is at least 65 years old;
  • Member has no canceled SS Number/s;
  • Member has at least 120 monthly contributions prior to the semester of contingency;
  • Member has no pending case before the SSC;
  • Member has no outstanding loan balance or any outstanding loan balance shall be for salary/calamity loan or salary loan renewal program (SLERP) only;
  • Member is qualified for technical retirement per Eligibility Inquiry of the Online Web Inquiry System (WINS);
  • Member has no submitted retirement claim per Centralized Claims Clearance System/settled retirement claim per Claims Information;
  • Member has no dependent child/ren; and 
  • Member is not an underground mineworker.
Application for technical retirement may be filed within six (6) months before the date of retirement, but the payment of benefit shall be done on the actual date of retirement. 

Retirement claims submitted through the SSS website shall be processed using the DDR Workflow System following the usual procedures on the Processing of Retirement Claim Application. 

Payment of benefit shall be thru the bank using the UMID card or to the SSS-accredited bank designated by the claimant in his online application for technical retirement.

FILING PROCEDURE

Applications for retirement benefit are filed at any SSS branch or representative office. Be sure to bring with you the abovementioned requirements.






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