How Long Do I Need To Pay My SSS Contribution?

How long should I pay my SSS contribution?

If with less than 120 monthly contributions, the member shall be entitled to a lump sum amount equivalent to the contributions paid by him/her and on his/her behalf.

However, member has the option to continue paying contributions to complete the 120 months to become eligible for monthly pension..

Can I pay SSS contribution for 1 year?

Household employers may pay contributions for their househelpers in advance, for at most one (1) calendar year of applicable months. If you are self-employed or a voluntary member, the frequency of your contribution payments can be on a monthly or quarterly basis.

What will happen if you skip SSS contribution?

A self-employed person who fails to register with the SSS may be subjected to fines and/or imprisoned. … Self-employed and voluntary members may pay their monthly contributions prospectively or in advance, but never retroactively to cover month/s when no contribution payments were remitted.

What happens if I dont pay my SSS?

Default in Payment of Amortization Any unpaid loan amortization shall bear a penalty of 1.5% for every month of delay. If the mortgagor fails to pay at least six (6) monthly amortizations, the SSS may immediately foreclose the mortgaged property.

Where can I pay my SSS contribution for voluntary?

List of Payment Facilities for SSS TransactionsSSS Tellering Branches (120+ branches to date)Partner Banks (Over-The-Counter) Asia United Bank* (AUB) Bank of Commerce* (BOC) Bank One Savings Bank. First Isabela Cooperative Bank (FICO Bank) Partner Rural Bank. Philippine Business Bank (PBB) … Non-Bank Collecting Partners.Mar 22, 2021

Are expats required to pay SSS?

Foreign nationals working in the Philippines must also make contributions to SSS, HDMF, and PhilHealth. Membership is mandatory unless exempt under some of the Philippines’ Totalization Agreements.

Can I still pay my SSS contribution late?

“Contribution payments of employers for the said applicable periods would not incur penalties if paid within the deadline,” the SSS said. As for the SSS’s self-employed, voluntary and non-working spouse members, they can still pay their contributions due for the months of January to September.

When can I stop paying SSS contributions?

You can stop paying contribution after you make a final SSS benefit claim for total disability or retirement. Although you only need a minimum of 120 monthly contributions to qualify for a retirement pension, it doesn’t mean you should stop paying contributions once you reach this amount.

How much is the monthly pension in SSS?

The amount of the monthly pension will be based on the member’s number of paid contributions and the years of membership prior to the semester of disability. The lowest monthly pension is P1,000 for members with less than 10 credited years of service (CYS); P1,200 with at least 10 CYS; and P2,400 with at least 20 CYS.

What is the retirement age in SSS?

60 years oldRetirement Benefit Member is 60 years old, separated from employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement. Member is 65 years old, whether employed or not, and has paid at least 120 monthly contributions prior to the semester of retirement.

How much is the highest pension in SSS?

The higher the MSC and the longer you pay your contributions, the higher your SSS monthly pension will be. Retirees in the Philippines can receive as much as PHP 18,495 and as low as PHP 2,000 as a monthly pension.

Can I pay SSS thru GCash?

Globe GCash Now Accepts PRN-Based SSS Payments from Employers. All employers registered in the Social Security System (SSS) can now use GCash in paying contributions of their employees using the Payment Reference Number (PRN), which serves for real-time posting of contribution payments.