Question: What Is The Use Of SSS?

How long should I pay my SSS contribution?

If with less than 120 monthly contributions, the member shall be entitled to a lump sum amount equivalent to the contributions paid by him/her and on his/her behalf.

However, member has the option to continue paying contributions to complete the 120 months to become eligible for monthly pension..

How can I apply SSS lump sum?

To qualify for lump sum retirement benefit, a member is at least 60 years old (or 55 years old, if an underground mineworker) for optional retirement, or 65 years old (or 60 years old, if an underground mineworker) for technical retirement, and has paid less than 120 monthly contributions.

How much does SSS cost?

The current SSS contribution rate is 11% of the monthly salary credit not exceeding ₱16,000 and this is shared by the employer (7.37%) and the employee (3.63%). For instance: If your monthly salary is ₱30,000, your contribution will only be based on ₱16,000 (which is the highest monthly salary credit).

Who can claim SSS burial benefits?

Based on SSS rules, only the beneficiaries of a deceased employee-member with no contribution payment at all and who was reported for coverage shall be entitled to the funeral benefit.

What does SSS prove?

Side-Side-Side is a rule used to prove whether a given set of triangles are congruent. The SSS rule states that: If three sides of one triangle are equal to three sides of another triangle, then the triangles are congruent.

What will happen if you stop SSS contribution?

There’s no penalty for individual members who fail to pay their contribution for a certain period. However, the SSS doesn’t allow members to make retroactive payments just so they qualify for a loan or benefit. You can only continue paying for the succeeding months or in advance, but never for the past unpaid months.

How much is the monthly pension in SSS?

The amount of the monthly pension will be based on the member’s number of paid contributions and the years of membership prior to the semester of disability. The lowest monthly pension is P1,000 for members with less than 10 credited years of service (CYS); P1,200 with at least 10 CYS; and P2,400 with at least 20 CYS.

Who are covered by SSS?

IF you are a worker in the private sector, whether as employee or self-employed and you are not yet over 60 years old, you are compulsorily covered under the Social Security System (SSS).

Can I withdraw my SSS contribution?

However, once you become a covered SSS member, you become a member for life. The contributions that you remit become savings for the future that will serve as basis for the granting of social security benefits in times of contingencies. Membership cannot be withdrawn and contributions paid cannot refunded.

How much is SSS lump sum?

The monthly pension will be the highest amount resulting from either one of these three pension formulae: the sum of P300 plus 20 percent of the average monthly salary credit plus two percent of the average monthly salary credit for each credited year of service (CYS) in excess of ten years; or.

What is SSS congruence rule?

SSS (Side-Side-Side) If all the three sides of one triangle are equivalent to the corresponding three sides of the second triangle, then the two triangles are said to be congruent by SSS rule.

What is the purpose of SSS contribution?

Social Security System (SSS) SSS members can avail of maternity, sickness, disability, retirement, funeral and death benefits. SSS also allows qualified members to take up salary, housing, business, educational loans. The SSS contribution is 11% of an employee’s monthly salary1.

What is the retirement age in SSS?

60 years oldA member is qualified to avail of this benefit if: Member is 60 years old, separated from employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement.

When can I withdraw my SSS contribution?

20 yearsthat can be withdrawn after 20 years, paid SSS contributions cannot be refunded. You can only file a claim for benefits (sickness, maternity, etc.) or claim your pension upon reaching retirement age. Likewise, members can’t terminate their SSS membership because they’re covered forever.

What age is the best time to retire?

When asked when they plan to retire, most people say between 65 and 67. But according to a Gallup survey the average age that people actually retire is 61.

How much money do I get if I retire at 65?

If you start collecting your benefits at age 65 you could receive approximately $33,773 per year or $2,814 per month. This is 44.7% of your final year’s income of $75,629. This is only an estimate.

How do you know if you have SSS?

SSS (side, side, side) If three sides of one triangle are equal to three sides of another triangle, the triangles are congruent.

How does the SSS work?

When two triangles are congruent, all three pairs of corresponding sides are congruent and all three pairs of corresponding angles are congruent. If all three pairs of corresponding sides are congruent, the triangles are congruent. This congruence shortcut is known as side-side-side (SSS).