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SEC. 12. Monthly Pension - (A) The monthly pension shall be the
highest of the following amounts:
Notwithstanding the preceding graphics, the minimum pension shall
be One thousand two hundred pesos (P1,200.00) for members with
at least ten (10) credited years of service and Two thousand four
hundred pesos (P2,400.00) for those with twenty (20) credited
years of service.
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.
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.
Juans 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.
Furthermore, if they both pass away and are survived by their legal
spouses, 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.
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