note the following:
ER column - is your employer’s contribution
EE column - is your monthly contribution.
AMSC – you can see that in the second column of the SSS table. It is the average monthly salary credit. This will be applied in calculating your monthly pension.
Based on SSS computation, there are three formulas which we can use in calculating your monthly pension. The pension will be based on the highest computation from the 3 formulas.
Formula # 1
+ 20% of AMSC
+ 2% of AMSC x CYS in excess of 10
Let us suppose you are receiving an average of P 16,000 monthly salary with 12 years of service.
From the range of compensation, you are in the ( see table 15,750 – over), your employer’s contribution will be P 1,208.70 and your contribution is P 581.30, for a grand total of P 1,790.00.
Monthly Pension (MP) = P300 + (20% of AMSC first 10years) + (2% of AMSC 2 years)
MP = P300 + (20%*16,000) + (2% *16, 000* 2)
MP = 300 + 3,200 + 640
Monthly Pension = P 4,140
Formula # 2
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.
Since you are a contributor for 12 years.
Monthly Pension = P 1,200.00
Formula # 3
40 per cent of the average monthly salary credit;
MP = 40% of AMSC
MP = 40% of 16,000
MP = 6,400
Monthly Pension = P 6,400.00
Based on above computations, the 3rd formula yields the highest monthly pension (P 6,400). Your monthly pension will be based on this amount.
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