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Credited Years of Service – The credited years of service shall be as follows: (1) For a member covered prior to January 1985, the credited years of service shall be 1985 minus the calendar year of coverage plus the number of calendar years in which six (6) or more contributions have been paid from
Jun 21, 2022 · Credited Years of Service (CYS) is the total number of years your SSS contribution is paid. One CYS is equivalent to at least 6 months’ contributions paid in any given year. 3 Simple Formulas to Compute Your SSS Pension
(a) Each employer shall immediately report to the SSS the names, ages, civil status, occupations, salaries and dependents of all his employees who are subject to compulsory coverage: Provided, That if an employee subject to compulsory coverage should die or become sick or disabled or reach the age of sixty (60) without the SSS having previously ...
To understand better, we will demonstrate each formula by using PHP 20,000 as the Average Monthly Salary Credit (AMSC) and 25 years as the Credited Years of Service (CYS). The Credited Years of Service (CYS) are simply the number of years you contributed to the SSS fund.
Sep 5, 2023 · Formula 1: ₱300 + 20% of average monthly salary credit (AMSC) + 2% of AMSC for each credited year of service (CYS) in excess of ten years + ₱1,000. Formula 2: 40% of the average AMSC + ₱1,000. Formula 3: ₱1,200 if CYS is somewhere from 10 to 20 years; ₱2,400 if CYS is 20 years or more + ₱1,000.
Jan 13, 2014 · Updated Jan 2017 . To compute your SSS pension in the Philippines, you need to know 2 values: — your AMSC, which means Average Monthly Salary Credit. — your CYS, which means Credited Years of Service. What is AMSC? AMSC is the average of your last 60 monthly salary credits immediately prior to your semester of retirement.
Mar 1, 2024 · Your paid contributions and the number of service years credited determine how much you will get as SSS retirement pension benefits. The greater your contributions and years of service, the larger your monthly pension will be. Moreover, there are two ways to claim your SSS benefits: as a lifetime cash benefit paid to you or as a lump sum amount.
