According to SSS, there are two types of retirement benefits:
1) Lump sum amount - pensioners who were not able to meet the required total 120 monthly contributions or 10 year contribution.
2) Monthly pension - lifetime cash benefit for those who paid at least 120 monthly contributions.
To know how much is your monthly pension, 3 formulas are provided in their website and SSS quotes, "The monthly pension depends on the member’s paid contributions, his credited years of service (CYS), and the number of his dependent minor children that must not exceed five. The monthly pension will be the highest amount resulting from either one of the three pension formulae."
1) Total pension = 300 + (AMSC* x 20%) + (AMSC x 2% x excess of 10 years) 2) Total pension = 40% x AMSC 3) Total pension = P1,200 if CYS is at…