A lot of people are paying SSS (Social Security System) not knowing all the benefits. As a member we are entitled to sickness, maternity, retirement, disability and death and funeral benefits.
My mom resigned a few years ago and she is actually waiting to be able to get her retirement benefit. I remember she asked me before, Can I Cash In My Pension Early ? I then check SSS website and find this info. You are eligible for the retirement benefit if you are 60 years old and unemployed and have paid at least 120 monthly contributions prior to the semester of the retirement. Or if your are 65 years old, whether employed or not. You should have paid at least 120 monthly contributions prior to the semester of the retirement, whether employed or not.
SSS give two types of retirement benefits, monthly pension and Lump Sum Pensions. Monthly pension is a lifetime cash benefit paid to the retiree who has paid at least 120 monthly contributions to the SSS prior to the semester of retirement. While lump sum amount is granted to a retiree who has not paid the required 120 monthly contributions.
My mom is 55 years old and she is planning to continue paying monthly contribution and be able to take advantage of the monthly pension benefit. For the computation you can visit SSS website. By the way just an info, if you needed to make a loan right away you can look for a bank or company who offers Pension Loan.
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