How the pension works
Four things decide what you receive each month after retirement.
SSS computes three amounts and pays the highest: a formula based on your salary credit and years, 40 percent of your average salary credit, or the guaranteed minimum.
highest of 3At least 120 monthly contributions. Claimable from age 60 if you have stopped working, or from 65 either way.
age 60 or 65Pensioners receive a 13th payment every December, the same amount as the regular monthly pension.
every DecemberContributions on salary credits above ₱20,000 build a separate provident fund, paid at retirement on top of the regular pension.
above ₱20,000Questions people ask
answered in plain wordsSSS computes three amounts and pays whichever is highest: first, ₱300 plus 20 percent of your average monthly salary credit plus 2 percent of it for every credited year beyond 10; second, 40 percent of your average monthly salary credit; third, the guaranteed minimum of ₱1,200 (10 to 19 credited years) or ₱2,400 (20 years or more).