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SSS Retirement Computation




BPO companies that offers a retirement plan remain very difficult to find so, I decided to search how much SSS monthly benefit we will get in case we retire.  Retiring is something that should be planned, I think that the perfect scenario of a retired employee is, not being dependent on our children. Time seems to fly, that’s why I’m hoping by the time that we retire 30 years from now the Filipino value of taking care of our grandparents would still be intact, and our children will not send us to retirement homes (home for the agent).

I guess, behind our smiles this is how we really feel deep inside
after working in a call center for a long time.
Information below is from SSS website.

Who may qualify for a retirement benefit?
1. A member who is 60 years old, separated form employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement.
2. A member who is 65 years old whether employed or not and has paid at least 120 monthly contributions prior to the semester of retirement.

How much monthly pension will a retiree receive?

The monthly pension depends on the members paid contributions, including the credited years of service (CYS) and the number of dependent minor children but not to exceed five. The amount of monthly pension will be the highest of:
1. the sum of P300 plus 20 percent of the average monthly salary credit plus 2 per cent of the average monthly salary credit for each accredited year of service (CYS) in excess of ten years; or
2. 40 per cent of the average monthly salary credit; or
3. P1,200, provided that the credited years of service (CYS) is at least 10 or more but less than 20 or P2,400, if the CYS is 20 or more. The monthly pension is paid for not less than 60 months.

Based on the items above there are 3 methods for computing the monthly pension. I assume that most of us earns 16000 pesos and above so I have set the default value to 16000 because this is the maximum salary credit well, who knows someday SSS might change its salary cap.

SALARY16000
YearsMethod 1Method 2Method 3
10350064001200
11382064001200
12414064001200
13446064001200
14478064001200
15510064001200
16542064001200
17574064001200
18606064001200
19638064001200
20670064002400
21702064002400
22734064002400
23766064002400
24798064002400
25830064002400
26862064002400
27894064002400
28926064002400
29958064002400
30990064002400
Based on the table above if I retire after 30 years of service I'll be getting 9900 pesos monthly retirement benefit. If I retire after 19 years of service method 2 will be chosen since that computation is higher compared to method 1, so instead of 6380 I'll be getting 6400 pesos. Now that we know the estimated amount of our retirement pay the question is would it be sufficient enough by the time we need it?

You can check your estimated monthly retirement by changing the value of salary in the calculator below,  if your basic pay is not yet 16000 just double click the value beside the word salary or you can use the up and down buttons (desktop users) you can also adjust the years of service; it would automatically compute the estimated monthly retirement pay based on the three methods above and on the salary that you put in.

SSS Retirement Calculator

Salary: Php
Years of Service: Years

Note: The calculator above is based on our interpretation of the computation that was provided by SSS on their website. You may consult SSS directly for queries about retirement pay. The calculator also assumes that the average monthly salary credit is the same as the amount of salary that you have typed in. 



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