SSS pension computation
3 ways to compute your SSS pension
The big question you’re probably asking yourself is, “How much is my SSS pension?” Your SSS monthly pension will depend largely on your paid contributions, your number of active years as an SSS member, and the number of your dependent minor children.
There are three formulas used to compute your SSS pension, but whichever yields the highest amount will determine your final pension.
PHP 300 + 20% of average monthly salary credit (AMSC) + 2% of AMSC for each credited year of service (CYS) in excess of ten years + PHP 1,000
40% of the average AMSC + PHP 1,000
PHP 1,200 if CYS is somewhere between 10-20 years; PHP 2,400 if CYS is 20 years or more + PHP 1,000
For computation 1, Rowe is earning PHP 30,000 and has contributed to the SSS for 40 years. According to the current SSS contribution table,[2] his AMSC is PHP 25,000.
Here’s how his SSS pension computation will look like:
Monthly Pension (MP) = PHP 300 + (20% of AMSC) + [2% of AMSC x 30 years (40 years – 10)] + PHP 1,000
MP = PHP 300 + (0.20 x 25,000) + (0.02 x 25,000 x 30) + PHP 1,000
MP = PHP 300 + PHP 5,000 + PHP 15,000 + PHP 1,000
Monthly SSS Pension = PHP 21,300
For computation 2, Rowe is earning PHP 30,000 and According to the current SSS contribution table,[2] his AMSC is PHP 25,000.
Monthly Pension (MP) = 40% of the average AMSC + PHP 1,000
MP = (25,000 x 0.40) + PHP 1,000
MP = PHP 10,000 + PHP 1, 000
Monthly SSS Pension = PHP 11,000
For computation 3, Rowe has contributed15 years. According to the current SSS contribution years, his CYS is 15 years.
PHP 1,200 if CYS is somewhere between 10-20 years; PHP 2,400 if CYS is 20 years or more + PHP 1,000
MP = CYS 15 + PHP 1,000
MP = PHP 1,200 + PHP 1,000
Monthly SSS Pension = PHP 2,200
Online SSS Pension Calculator
But if numbers scare you and SSS pension tables look too complicated, there’s an easier way to calculate your SSS pension. Try the SSS Retirement Benefit Estimator, which is a nifty SSS calculator for pension found on the SSS website.
Just enter your birth date, the month and year when you started as an SSS member and your current monthly salary. Then enter the captcha code and click the Compute button.
The SSS pension calculator will show you two sets of SSS monthly pensions: one for when you retire at age 60 and another for when you retire at 65. The SSS pension is higher if you choose retirement at age 65.
Click Here! to go to SSS Calculator
Thank you all, I hope this helps you.