Can you withdraw SSS contributions?
Generally, you cannot withdraw your SSS (Social Security System) contributions. Once you have made contributions to the SSS, you cannot request a refund or withdrawal. This is because the SSS contributions serve as a base insurance plan for Filipinos and are mandatory.
However, there may be certain circumstances where you can withdraw or cancel your Social Security benefits, but this applies to the Social Security retirement claim in the United States, not specifically to SSS contributions in the Philippines. It is important to note that the information provided is specific to the SSS contributions and may not apply to other types of contributions or benefits.
What are the specific cases when I can get monetary compensation from SSS contributions and their requirements?
There are specific cases when you can withdraw your SSS (Social Security System) contributions in the Philippines. Here are the cases and their requirements:
- Total disability or retirement: If you are totally and permanently disabled or have reached the age of 60 and have made at least 120 monthly contributions, you may apply for a lump-sum amount or monthly pension.
- Death: If you are an SSS member and have made at least one monthly contribution, your beneficiaries may claim a lump-sum amount or monthly pension.
- Separation from employment: If you are involuntarily separated from employment, you may apply for a lump-sum amount equivalent to your total contributions.
- SSS PESO Fund: If you have an SSS PESO Fund account, you may withdraw up to 35% of your savings if needed.
The requirements for each case may vary, but generally, you need to submit the following documents:
- Application form for the specific benefit claim
- Valid ID with photo and signature
- Birth certificate or any valid proof of age
- Marriage certificate, if applicable
- Death certificate, if applicable
- Medical certificate, if applicable
- Other supporting documents as required by the SSS
It is important to note that withdrawing your SSS contributions may have an impact on your future benefits, so it is advisable to consult with an SSS representative before making any decisions. Additionally, the SSS contribution rates and guidelines may be subject to change, so it is advisable to stay updated with the latest policies and benefit structures1.
Please consult the official SSS website or visit an SSS branch for the most accurate and up-to-date information regarding the specific cases when you can withdraw your SSS contributions and their requirements.
What benefits can I get from SSS without withdrawal?
If you are an SSS (Social Security System) member in the Philippines, there are benefits that you can get without withdrawing your contributions. Here are some of the benefits:
- SSS PESO Fund: The SSS PESO Fund is a voluntary savings program that allows you to save and earn higher interest rates than regular savings accounts1. You can withdraw up to 35% of your savings if needed, but it is advisable to keep your savings intact for long-term benefits.
- Death benefit: If you are an SSS member and have made at least one monthly contribution, your beneficiaries may claim a monthly pension or a lump sum after you pass away.
- Funeral benefit: If you pay for an SSS member’s funeral, you can receive a cash benefit.
It is important to note that the SSS contribution rates and guidelines may be subject to change, so it is advisable to stay updated with the latest policies and benefit structures. Additionally, there may be other benefits available depending on your specific situation, so it is advisable to consult with an SSS representative for more information.
What happens to my contributions if i stopped paying for SSS
If you stop paying for your SSS (Social Security System) contributions, it may affect your eligibility to claim benefits such as sickness, maternity, and retirement. However, once you become an SSS member, you are covered for life, even if you miss your monthly payments. There is no penalty for individual members who fail to pay their contribution for a certain period.
However, late payments may have penalties, so it is better to pay your missing contributions as soon as possible. If you want to continue contributing, you can enroll for Voluntary Membership by completing an application form and submitting it with your identifying documents at your nearest SSS branch or online.
It is also possible to make up any missed payments. However, this may not be used to qualify for benefits.
How to resume SSS contributions after stopping payments?
To resume SSS contributions after stopping payments, you can enroll for Voluntary Membership (if you are not employed). To do this, you need to submit application form with your identifying documents at your nearest SSS branch or online.
You can also make up for any missed payments. However, late payments always have some form of penalties. But what if you want to make up for payments so you could qualify for a loan? In this case, SSS doesn’t allow members to make retroactive payments for the purpose of qualifying for a loan or benefit.
To avoid missing your SSS payments, be mindful of the payment deadline. Regular employers’ deadline is on the last day of the month following the applicable month. For those who were involuntarily separated from employment, they may resume payment of their monthly contributions as voluntary.