What is lump sum in SSS

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. A lifetime cash benefit paid to a retiree who has made at least 120 monthly contributions prior to the semester of retirement.

Can I lump sum my SSS contribution?

If with less than 36 monthly contributions, he/she is granted a lump sum amount.

How can I claim my SSS lump sum online?

All they need to do is to access their My. SSS account, click Apply for Retirement Benefit under the Benefits section of the E-Services tab, fill out the required information, and submit the required supporting documents, Regino said.

Can I withdraw my SSS contribution?

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 Membership cannot be withdrawn and contributions paid cannot refunded.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 many years should I pay SSS contribution to get pension?

SSS pension comes as a cash payment that members will receive when they can no longer work because of old age. To qualify for retirement benefits, the SSS member must be: 60 years old, neither employed nor self-employed; with at least 120 monthly SSS contributions prior to the semester of retirement.