Details about the SSS Lump Sum for Retiring Members
SSS LUMP SUM – Here is a guide on the one-time lump sum that retiring members of the Social Security System (SSS) may avail.
Undeniably, the member benefit that most members of the Social Security System (SSS) look forward to is the Retirement Benefit. It is an assurance that you have something to turn to financially when you reach your senior years.
However, it is important to know that there are two (2) main types of the Retirement Benefit – the Monthly Pension and the Lump Sum. In case you reach the age between 60 to 65 years old but you have not posted a total of at least 120 monthly contributions, you may still avail a retirement benefit – the one-time lump sum.
Qualifications for the SSS Lump Sum:
- The retiree has reached the age of between 60 to 65 years old but has not reached a total of 120 monthly contributions
- between 60 to 64 years old when applying for Retirement Benefit or be at least 65 years old when submitting the claim online.
- has a My.SSS account on the Social Security System website.
- has enrolled in a disbursement account through the Bank Enrollment Module of My.SSS. Acceptable options include UMID-ATM, UBP Quick Card, or any bank accredited by PESONet.
- does not have any canceled or multiple Social Security (SS) numbers.
- No outstanding loan balance under the Stock Investment Loan Program, Privatization Fund Loan Program, Educational Loan Program, or Vocational Technology Loan Program.
How much you may get?
Under the one-time lump sum for retirees who have not reached the 120 monthly contribution limit, you may get an amount that “is equal to the total contributions paid by the member and/or by his/her ERs, including the interest earned”.
To apply for this SSS retirement benefit, visit a branch of the Social Security System nearest to you and bring your SS ID. You may also do it online at your My.SSS account.
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