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CREDITED YEARS OF SERVICE (CYS). – The CYS shall be computed as follows: i. For members covered prior to January 1985: CYS = A + B + C. ii. For members covered on or after January 1985: CYS = B + C. Where: A = number of calendar years from date of coverage up to 1984. B = from 1985 to 2001, number of calendar years with at least six (6 ...
If without UMID card enrolled as ATM, the retirement benefit shall be credited to the preferred disbursement account registered by the member through the Disbursement Account Enrollment Module (DAEM) under the E-Services menu of the My.SSS Portal.
(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 ...
Jun 16, 2023 · Credited Years of Service: The number of years you have contributed to the SSS determines your credited years of service. You need to have a minimum of ten years of credited service to qualify for an SSS pension. Retirement Age: The retirement age for SSS members is 60 years old.
— It is the policy of the Republic of the Philippines to establish, develop, promote and perfect a sound and viable tax-exempt social security service suitable to the needs of the people throughout the Philippines which shall provide to covered employees and their families protection against the hazards of disability, sickness, old age and death...
P1,200, provided that the credited years of service (CYS) is at least 10 or more but less than 20 or P2,000, if the CYS is 20 or more. The monthly pension is paid for not less than 60 months. A retiree has the option to receive the first 18 monthly pension in lump sum discounted at a preferential rate of interest to be determined by the SSS.
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.
