As an SSS member, do you any idea how much you will get after many years of religiously paying your contributions?   We will give an idea on how SSS monthly pension is computed.         The monthly pension computation is based on this formulas and whichever the higher value may be, that will be the amount of your monthly pension.   A) 300 + (20% x AMSC*) + (2% x AMSC) x (CYS** – 10)    B) 40% x AMSC;     C) The minimum pension of P1,200, if with at least 10 CYS; or P2,400, if with at least 20 CYS, whichever is applicable.    *AMSC (Average Monthly Salary Credit)  ** CYS (Credited Years of Service)    Using three computations above, assuming the case of someone who contributed for 25 years based on the AMSC of P16,000.      Using the first formula, we have P300 + 20 percent (16,000) + [2 percent (16,000) x (25-10)]=P300 + P3,200 + [320 x15]=P8,300. The basic pension amount in this case is P8,300.    The second formula, which is 40 percent of the AMSC, will be 40 percent of P16,000=P6,400.      Applying the third formula would yield P2,400 as the basic pension.       Since the law provides that the highest amount shall be granted as the pension, this means that the basic pension shall be P8,300.       Sponsored Links        For example, the cases of Juan and Pedro. Juan has a monthly salary credit of P1,000 (the lowest salary level subject to the SSS contribution) and contributes to SSS based on this salary for 25 years, while Pedro has a monthly salary credit of P16,000 (the maximum salary as of to-date) and also contributes for 25 years.       Juan's monthly contribution of P110 would total P33,000 after 25 years of contribution to the SSS, while Pedro, whose monthly contribution of P1,7650, would sum up to P528,000 after 25 years.    If they both file for retirement pension at the same time and receive pensions for 25 years, Juan, whose pension will amount to P2,400 per month, would have received a total of P780,000, while Pedro, whose monthly pension is P8,300, would have received P2,699,500 after 25 years.      If they both pass away their pensions will cross over to their spouses as their primary beneficiaries.    Now that you have an idea how much you will be received in case you will retire, it is in your hands how much would you like to contribute for your retirement. The bigger your contribution, the bigger pension you will get once you retired.    Read More:   Popular Pinoy Stores In Canada  10 Reasons Why Filipinos Love Canada  Comparison Of Savings  Account In The Philippines:  Initial Deposit, Maintaining  Balance And Interest Rates  Per Annum  Mortgage Loan: What You Need To Know  Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily   Did You Apply for OFW ID and Did You Receive This Email?  Jobs Abroad Bound For Korea For As Much As P60k Salary  Command Center For OFWs To Be Established Soon    ©2018 THOUGHTSKOTO  www.jbsolis.com   SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
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