QUESTION: Philippines Retirement Pension for Filipino Wife

marc.oz · 11 nov 2017

Brian Oinks zei: ↑

I need advice from someone who is good at math or understands the Social Security system here... Has anyone else here set up a Social Security payment scheme for their Filipina Wife?

My Wife went into the SS Dept. and set up a payment plan as "Self Employed" after speaking to the Staff there. We are trying to set up a decent retirement plan for her, which she will pay into for 30 years before being eligible to retire.
She currently pays 1100php per month which was the figure suggested by a Staff member.

She has asked SS several times as to what would her Pension be approximately if she keeps paying monthly for the next 30 years, but so far no informative reply has been given. I plan to raise the amount each year from the initial 1100php to try and adjust for the rise in cost of living to give her a better outcome in time to come...

The plan is to pay into SS for 30 years so that she may draw a pension when she reaches 60 years of age, so far she has paid for the past 2 years, so 28 years remaining before she is eligible to retire...

I have looked at the web page (link below) but find it utterly confusing to say the least! Can anyone decipher for me please and maybe give an approximate expected monthly Pension amount she 'may or may not' receive upon retirement? is the Pension a set amount or is it dependent on how much is contributed? Hard to say by what I have read thus far...

Retirement Benefit
There are two types of retirement benefit:

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

lumpsum 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.

Monthly Pension

Benefit Computation

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 these three pension formulae:

the sum of P300 plus 20 percent of the average monthly salary credit plus two percent of the average monthly salary credit for each credited year of service (CYS) in excess of ten years; or

forty (40) percent of the average monthly salary credit; or

P1,200, if the CYS is at least 10 but less than 20; or P2,400, if the CYS is 20 or more.

The monthly pension is paid for not less than 60 months. A member who retires after age 60 with a total of 120 monthly contributions may be qualified to a monthly pension based on whichever is higher of the following:

the monthly pension computed at the earliest time the member could have retired had been separated from employment or ceased to be self-employed plus all adjustments thereto; or

the monthly pension computed at the time when the member actually retires.

A pensioner who retires more than once shall be entitled to the higher of:

the monthly pension computed for the first retirement claim; or

the re-computed monthly pension for the new claim

Republic of the Philippines Social Security System
Klik om te vergroten...

Brian Oinks zei: ↑

I need advice from someone who is good at math or understands the Social Security system here... Has anyone else here set up a Social Security payment scheme for their Filipina Wife?

My Wife went into the SS Dept. and set up a payment plan as "Self Employed" after speaking to the Staff there. We are trying to set up a decent retirement plan for her, which she will pay into for 30 years before being eligible to retire.
She currently pays 1100php per month which was the figure suggested by a Staff member.

She has asked SS several times as to what would her Pension be approximately if she keeps paying monthly for the next 30 years, but so far no informative reply has been given. I plan to raise the amount each year from the initial 1100php to try and adjust for the rise in cost of living to give her a better outcome in time to come...

The plan is to pay into SS for 30 years so that she may draw a pension when she reaches 60 years of age, so far she has paid for the past 2 years, so 28 years remaining before she is eligible to retire...

I have looked at the web page (link below) but find it utterly confusing to say the least! Can anyone decipher for me please and maybe give an approximate expected monthly Pension amount she 'may or may not' receive upon retirement? is the Pension a set amount or is it dependent on how much is contributed? Hard to say by what I have read thus far...

Retirement Benefit
There are two types of retirement benefit:

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

lumpsum 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.

Monthly Pension

Benefit Computation

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 these three pension formulae:

the sum of P300 plus 20 percent of the average monthly salary credit plus two percent of the average monthly salary credit for each credited year of service (CYS) in excess of ten years; or

forty (40) percent of the average monthly salary credit; or

P1,200, if the CYS is at least 10 but less than 20; or P2,400, if the CYS is 20 or more.

The monthly pension is paid for not less than 60 months. A member who retires after age 60 with a total of 120 monthly contributions may be qualified to a monthly pension based on whichever is higher of the following:

the monthly pension computed at the earliest time the member could have retired had been separated from employment or ceased to be self-employed plus all adjustments thereto; or

the monthly pension computed at the time when the member actually retires.

A pensioner who retires more than once shall be entitled to the higher of:

the monthly pension computed for the first retirement claim; or

the re-computed monthly pension for the new claim

Republic of the Philippines Social Security System
Klik om te vergroten...

Here's a useful calculator

SSS - Online SSS Pension Calculator - e-pinoyguide

Brian Oinks · 26 nov 2017

marc.oz zei: ↑

Here's a useful calculator

SSS - Online SSS Pension Calculator - e-pinoyguide
Klik om te vergroten...

AWESOME! A BIG Thank you!

Aanmelden

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QUESTION: Philippines Retirement Pension for Filipino Wife

marc.oz DI Junior Member

Brian Oinks That's Mr. Pig to you Boy! :) Highly Rated Poster