Question: How Can I Claim My SSS Lump Sum?

What will happen if I did not pay my SSS loan?

Failure to pay off your loan from the government can affect the benefits you can claim.

For example, if you default on an SSS Salary Loan, SSS will deduct the loan balance—including the penalty and interest—from your retirement, disability, or death benefits..

How do you get a one time death benefit from Social Security?

Form SSA-8 | Information You Need To Apply For Lump Sum Death Benefit. You can apply for benefits by calling our national toll-free service at 1-800-772-1213 (TTY 1-800-325-0778) or by visiting your local Social Security office.

What if the SSS pensioner dies?

Death Benefit Conditions: You get a monthly death pension if you’re the primary beneficiary (spouse and dependent children) of a deceased SSS member who had at least 36 monthly contributions. If the contributions are lower than that, you get a lump sum.

How do I claim my SSS death claim?

Application RequirementsClaim for Funeral Benefit (SSS Form BPN-103)Filer’s Affidavit (Sinumpaang Sanaysay)Death certificate duly certified by the Local Civil Registrar.Official Receipt of payment issued by the funeral parlor.Affidavit of funeral expenses.Photo of filer and valid IDs.

How much is the loanable amount in SSS calamity loan?

Loan Amount Members can borrow up to 80% of their Total Accumulated Value (TAV) subject to the terms and conditions of the program. Calamity Loan Interest rate is 5.95% per annum. The loan is amortized over 24 months, with a grace period of 3 months.

How can I pay my SSS calamity loan?

Payment shall be made at any SSS branch office with payment facility, SSS-accredited bank, or SSS- authorized payment center. 1. The loan shall be charged an interest rate of 6% per annum commencing on the 4th month, computed on a diminishing principal balance and shall be amortized over the remaining 24 months.

Where do I file my SSS retirement?

Applications for retirement benefit are filed at any SSS branch or representative office.

What is SSS lump sum?

Lump sum amount – granted to a retiree who has not paid the required 120 monthly contributions. It is equal to the total contributions paid by the member and by the employer including interest. MONTHLY PENSION.

How much is SSS monthly?

Your monthly contribution is based on your compensation. 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%).

Can I lump sum my SSS pension?

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. … The retiree has the option to receive the first 18 months pension in lump sum, discounted at a preferential rate to be determined by the 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 long it takes to get SSS death claim?

Under a five-year program, SSS expects to cut down the current 39-day average of processing retirement benefits to 18 by next year and to 13 by 2017. Death payments, meanwhile, which at present take 62 days for processing are expected to be delivered in 28 days by next year and in only 18 days by 2017.

What is the age limit for SSS membership?

60 years oldMember must be a member of the SSS; Member has at least 36 months premium contribution and 24 continuous contributions in a period prior to application. Member not more than 60 years old at the time of application and must be insurable. Members age 60 years at time of application will have a maximum loan term of 5 …

Can I apply SSS calamity loan online?

To this end, we have developed an online facility in the My. SSS web portal in which we will receive all calamity loan applications to reduce face-to-face transactions in our branches,” Ignacio explained. Members must be registered at the My. SSS web portal on the SSS website at www.sss.gov.ph to apply for the loan.

Who can claim SSS burial?

The SSS funeral grant is a cash benefit amounting to P20,000 that is paid to whoever defrayed the cost in burying the deceased member. The claim for this benefit should be supported by an official receipt of the funeral expenses issued in the name of the claimant and the deceased member’s death certificate.

How much is the average SSS pension?

It says, the monthly pension shall be the highest of the following amounts: The sum of the following: P300; plus 20 percent of the average monthly salary credit (AMSC); plus 2 percent of the AMSC for each credited year of service (CYS) in excess of 10 years; or 40 percent of the AMSC; or minimum pension of P1,200 for …

How is monthly pension calculated?

EPS formula: (Pensionable Salary * service period) / 70. Here, Pensionable Salary is capped at Rs 15,000 and service period at 35 years. … So, after 30 years of job, even if basic salary is higher than Rs 15,000 at the time of retirement, the maximum monthly pension comes to: = (15000 * 30) / 70 = Rs 6429.

How much is the lump sum death benefit from SSS?

Following the death of a worker beneficiary or other insured worker,1 Social Security makes a lump-sum death benefit payment of $255 to the eligible surviving spouse or, if there is no spouse, to eligible surviving dependent children.

When can you claim SSS pension?

A 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.

What is the maximum SSS monthly pension?

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.