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How much is your SSS pension when you retire

As a working individual, have you ever wondered about how to calculate your estimated SSS pension when you retire? Your SSS monthly pension will depend largely on your paid contributions, your number of active years as an SSS member, and the number of your dependent minor children. Surprisingly, there are quite a few ways to estimate how much your pension will be, here’s how:

1. Thru manual computation

Here is the existing manual formula for the computation of your SSS pension:

PHP 300 + 20% of average monthly salary credit (AMSC) + 2% of AMSC for each credited year of service (CYS) in excess of ten years + PHP 1,000

(ASMC is the result obtained by dividing the sum of the last sixty (60) monthly salary credits immediately preceding the semester of contingency by sixty (60), or the result obtained by dividing the sum of all the monthly salary credits paid prior to the semester of contingency by the number of monthly contributions paid in the same period, whichever is greater.)

Just looking at that may be an eyesore so here’s a scenario to better understand how this manual formula works.

For example, Juan, a 65-year-old man who just retired from his long-term job previously earns PHP30,000 per month and has contributed to SSS in the last 40 years. According to the current SSS contribution table, his AMSC is PHP 20,000.

Here is how his pension is computed:

Monthly Pension (MP) = PHP 300 + (20% of AMSC) + [2% of AMSC x 30 years (40 years – 10)] + PHP 1,000

MP = PHP 300 + (0.20 x 20,000) + (0.02 x 20,000 x 30) + PHP 1,000

MP = PHP 300 + PHP 4,000 + PHP 12,000 + PHP 1,000

Monthly SSS Pension = PHP 17,300

2. Thru online using the SSS Website

If you opt to be on the more techy side and the numbers are too complicated for you, try the SSS Retirement Benefit Estimator on the SSS website. All you have to do is enter your birth date, the month and year when you started as an SSS member and your current monthly salary. Then enter the captcha code and click the Compute button.

sss pension calculator Image: SSS Website

The system will then show you two computations, one for when you retire at age 60 and another for when you retire at 65.

It is always better to know your benefits as the money you earn from working hard on a daily basis is not just chump cash. It is the product of your hard work. So, we hope this article helped you in determining what to expect as your estimated SSS pension when you retire. After all, it is always better to be prepared not just for the now but also for the future.

For government employees, your pension can also be seen if you sign up for an account at eGSIS Mo online.