Social Security System (SSS) Death Benefit is given to the primary beneficiary of the deceased member. In case the member does not have a primary beneficiary (spouse or legal children), the money will be given to the secondary beneficiaries.
The death benefit is given in two types – monthly pension or lumpsum amount.
For the monthly pension, it is only given to the primary beneficiaries of deceased members who already paid for at least 36 months.
On the other hand, the lumpsum amount is given to primary beneficiaries who paid less than 36 months.
How to compute the lumpsum SSS Death Benefit
“The monthly pension depends on the member’s paid contributions, his credited years of service (CYS), and the number of 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
- P1,000, if the CYS is less than 10; P1,200 if with at least 10 CYS; or P2,400, if the CYS is 20 or more.
- The monthly pension is paid for not less than 60 months.
How To Get The Payment
The monthly pension is given to the beneficiary’s bank account. The beneficiary is given the chance to choose the preferred bank under the Mag-impok sa Banko Program. The original passbook needs to be presented for verifying purposes.