SSS benefits and those past 65 years


Back in the 1980s, when I was disabled, someone suggested I apply for disability benefits with SSS. I did but was told that as I hadn’t completed 36 contributions, I was entitled to a lump sump rather than a monthly benefit. I accepted that because to begin with, I wasn’t even expecting anything as I was 3 years out of college and hadn’t worked 36 months yet when my paralysis set in. Besides, part of my employment was in a GOCC. So there.

That said, allow me to share this bit of  good news from SSS for those beyond 65 years old.

SSS now allows members to keep paying past 65 to qualify for pension

 

June 19, 2013 4:01pm
 
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Social Security System (SSS) members who have not yet completed the requisite 120 monthly contributions by the age of 65 will be able to continue their payments in order to qualify for a retirement pension instead of receiving only a lump sum, an official of the government-run pension fund for private-sector employees said.

According to SSS vice president for Benefits Administration Agnes San Jose in a phone interview on GMA News TV’s Balitanghali on Tuesday, the policy was changed due to “humanitarian” considerations.

The policy, which has been under review since 2001, was revised in order to ease into the change those SSS members who have reached age 55 and have paid their contributions for a total of 80 months.

Such members may still opt to continue paying after turning 65 to qualify for the pension.

However, San Jose stated that the agency allowed this rule on one condition: those who are at least 65 as of April 1 have until July 1 to signify their intentions to voluntarily continue their payments, provided that they have not yet completed the 120 months.

The condition was appended to prevent abuses such as people only paying the amount needed to complete the 120 months close to their 65th birthdays.

San Jose added that the monthly contributions do not need to have been an unbroken series of payments, as long as they amount to 120 months’ worth prior to the semester of retirement. — Vida Cruz/BM, GMA News

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