Republic of the Philippines Social Security System (2024)

FAQs

Republic of the Philippines Social Security System? ›

The Social Security System (SSS; Filipino: Paseguruhan ng Kapanatagang Panlipunan) is a state-run, social insurance program in the Philippines to workers in the private, professional and informal sectors. SSS is established by virtue of Republic Act No. 1161, better known as the Social Security Act of 1954.

The Social Security System (SSS; Filipino: Paseguruhan ng Kapanatagang Panlipunan) is a state-run, social insurance program in the Philippines to workers in the private, professional and informal sectors. SSS is established by virtue of Republic Act No. 1161, better known as the Social Security Act of 1954.

All individuals, including employees, self-employed individuals, non-working spouses, and Overseas Filipino Workers (OFWs) up to the age of 60 who possess an existing SSS number, have to make SSS contributions to either initiate or maintain their coverage.

Membership is optional, however, for self-employed persons, Overseas Filipino Workers (OFWs), and Non-Working Spouses (NWSs). Foreign nationals working in the Philippines must also make contributions to SSS, HDMF, and PhilHealth.

How to log in to my SSS online account? To access your My.SSS account, go to member.sss.gov.ph, enter your user ID and password, and click the Sign In button.

If you are a U.S. citizen, you may receive your Social Security payments outside the U.S. as long as you are eligible for them.

Social security contributions payable by workers

Workers pay 4.13% of monthly gross insured earnings as social security contribution for pension, sickness and maternity and funeral benefits and the gross insured earnings are set based on 31 income classes.

Understanding Your Retirement Age

P 1,200 if CYS is somewhere between 10-20 years; P2,400 if CYS is 20 years or more + P1,000. P300 + 20% of average monthly salary credit (AMSC) + 2% of AMSC for each credited year of service (CYS) in excess of ten years + P 1,000. 40% of the average AMSC + P1,000.

Member must have paid at least 120 monthly contributions prior to the semester of retirement and is any of the following, whichever is applicable: at least 60 years old and separated from employment or has ceased to be an SE/OFW/Household Helper (optional retirement);

The general requirements for claiming retirement SSS lump sum benefits in the Philippines include: Membership Qualifications: The member must be at least 60 years old, separated from employment, and has paid at least 120 monthly contributions prior to the semester of retirement.

How long will you receive SSS pension? ›

An SSS retiree is entitled to monthly pension for as long as he lives. However, granting of monthly pension to an SSS retiree below 65 years old will be suspended if he becomes gainfully re-employed or resumes self-employment, upon which he is again subject to mandatory coverage until his compulsory retirement.

the sum of P300 plus 20 percent (20%) of the average monthly salary credit plus two percent (2%) of the average monthly salary credit for each CYS in excess of 10 years; or 2. 40 percent (40%) of the average monthly salary credit; or 3. P1,200, if with at least 10 CYS; P2,400, if with at least 20 CYS.

To qualify for retirement benefits, a member must have paid at least 120 monthly contributions before the semester of retirement. The specific requirements are as follows: For optional retirement: At least 60 years old and no longer employed, or has ceased to be self-employed, OFW, or household helper.

All they need to do is to access their My. SSS account, click Apply for Retirement Benefit under the Benefits section of the E-Services tab, fill out the required information, and submit the required supporting documents,” Regino said.

Republic of the Philippines Social Security System. The retirement benefit is a cash benefit paid either in monthly pension or as lump sum to a member who can no longer work due to old age.

All income earning SSS members are required to contribute monthly into the fund, the amount depends will depend on their salary bracket. In exchange for the said monthly contributions, members will enjoy insurance benefits such as sickness, maternity, disability, retirement, death and funeral and salary loan.

The maximum monthly pension for those above 57 years old shall be 80% of the Average Monthly Salary (AMS) received during the last three years immediately preceding retirement. The maximum pension for those aged 57 and below shall be 75% of AMS.

Social Security in the Philippines

As the US does not have a totalization agreement with the Philippines, this is an area where you may see double taxation, as you begin filing taxes in both the United States and the Philippines.