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Saturday, June 09, 2018

Is it OK to Stop my SSS Contribution If I Completed the 120 Months?



Often times this question comes from voluntary members of Social Security System (SSS). Those who are self-employed and some Overseas Filipino Workers (OFWs) who paid their own membership without a share from their companies. According to SSS, when a member completes a 120-month contribution, that is equivalent to 10 years, the member is entitled to retirement pension at the age of 60. Even members who did not complete or contributed less than 120 months are also entitled to lump sum pension.
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Often times this question comes from voluntary members of Social Security System (SSS). Those who are self-employed and some Overseas Filipino Workers (OFWs) who paid their own membership without a share from their companies. According to SSS, when a member completes a 120-month contribution, that is equivalent to 10 years, the member is entitled to retirement pension at the age of 60. Even members who did not complete or contributed less than 120 months are also entitled to lump sum pension. But the question is, is 120 months contribution good enough? The answer is no and this is not advisable. A member who contributed at least 120 months is qualified for a pension at 60 years old but ceasing your SSS contribution means the following; 1. You cannot avail of sickness and maternity benefit. A member should have at least three contributions in a year before the semester of sickness, maternity or miscarriage. 2. You cannot avail of disability benefit because a basic requirement to this is at least one contribution in six months before the disability. 3. You cannot avail of a loan. SSS members should have at least six contributions in a year before it can file for a loan. One of the most beneficial benefits of continuing your SSS contribution is, you will be getting a bigger amount of your retirement pension. Always remember that the computation of your pension will include the number of years your SSS contributions. SSS is a good preparation for your future. Paying much higher contribution means an increase in your pension someday. You can also apply to the SSS PESO Fund to increase your allowance or SSS Flexi Fund if you are OFW.
But the question is, is 120 months contribution good enough? The answer is no and this is not advisable. A member who contributed at least 120 months is qualified for a pension at 60 years old but ceasing your SSS contribution means the following;

 Read: SSS Retirement: Am I Qualified For Pension If There's A Gap On My Contributions?
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1. You cannot avail of sickness and maternity benefit. A member should have at least three contributions in a year before the semester of sickness, maternity or miscarriage.



2. You cannot avail of disability benefit because a basic requirement to this is at least one contribution in six months before the disability.


3. You cannot avail of a loan. SSS members should have at least six contributions in a year before it can file for a loan.

Often times this question comes from voluntary members of Social Security System (SSS). Those who are self-employed and some Overseas Filipino Workers (OFWs) who paid their own membership without a share from their companies. According to SSS, when a member completes a 120-month contribution, that is equivalent to 10 years, the member is entitled to retirement pension at the age of 60. Even members who did not complete or contributed less than 120 months are also entitled to lump sum pension. But the question is, is 120 months contribution good enough? The answer is no and this is not advisable. A member who contributed at least 120 months is qualified for a pension at 60 years old but ceasing your SSS contribution means the following; 1. You cannot avail of sickness and maternity benefit. A member should have at least three contributions in a year before the semester of sickness, maternity or miscarriage. 2. You cannot avail of disability benefit because a basic requirement to this is at least one contribution in six months before the disability. 3. You cannot avail of a loan. SSS members should have at least six contributions in a year before it can file for a loan. One of the most beneficial benefits of continuing your SSS contribution is, you will be getting a bigger amount of your retirement pension. Always remember that the computation of your pension will include the number of years your SSS contributions. SSS is a good preparation for your future. Paying much higher contribution means an increase in your pension someday. You can also apply to the SSS PESO Fund to increase your allowance or SSS Flexi Fund if you are OFW.
Often times this question comes from voluntary members of Social Security System (SSS). Those who are self-employed and some Overseas Filipino Workers (OFWs) who paid their own membership without a share from their companies. According to SSS, when a member completes a 120-month contribution, that is equivalent to 10 years, the member is entitled to retirement pension at the age of 60. Even members who did not complete or contributed less than 120 months are also entitled to lump sum pension. But the question is, is 120 months contribution good enough? The answer is no and this is not advisable. A member who contributed at least 120 months is qualified for a pension at 60 years old but ceasing your SSS contribution means the following; 1. You cannot avail of sickness and maternity benefit. A member should have at least three contributions in a year before the semester of sickness, maternity or miscarriage. 2. You cannot avail of disability benefit because a basic requirement to this is at least one contribution in six months before the disability. 3. You cannot avail of a loan. SSS members should have at least six contributions in a year before it can file for a loan. One of the most beneficial benefits of continuing your SSS contribution is, you will be getting a bigger amount of your retirement pension. Always remember that the computation of your pension will include the number of years your SSS contributions. SSS is a good preparation for your future. Paying much higher contribution means an increase in your pension someday. You can also apply to the SSS PESO Fund to increase your allowance or SSS Flexi Fund if you are OFW.

 One of the most beneficial benefits of continuing your SSS contribution is, you will be getting a bigger amount of your retirement pension. Always remember that the computation of your pension will include the number of years your SSS contributions.

 Read: Important Points Voluntary SSS Members Should Know



SSS is a good preparation for your future. Paying much higher contribution means an increase in your pension someday.


You can also apply to the SSS PESO Fund to increase your allowance or SSS Flexi Fund if you are OFW.

 This article is filed under: SSS Email, SSS Main Office, SSS Check Status, SSS Program, SSS Membership



SEE MORE:



Read: Working Abroad? Here's How to Continue Paying Your SSS Contribution as an OFW!

Just because we are earning big, we will now stop contributing to our Social Security System (SSS) membership. As Overseas Filipino Workers (OFWs) it is important that we should continue to pay our SSS contribution regardless of how big we are earning now. SSS brings benefits to us from loan to sickness benefits to death or even funeral.


Located in the Philippine embassies or consulates, Social Security System (SSS) offices abroad accepts applications for membership, benefits, and loans and performs data captures for those who apply for unified multi-purpose ID. The SSS continuously expanding its reach in overseas to serve a large number of Filipinos working or living abroad.
As Overseas Filipino Workers (OFW), it is important that we continue to pay our membership contribution in Social Security System (SSS) wherever we are in the world. We all know that working abroad is not forever, that is why we should secure our retirement pension. As a member of SSS, we are entitled to its benefits such loan, sickness, maternity, disability, retirement, even death or funeral.
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