CLOSE to 2.2 million pensioners of the state-run Social Security System (SSS) have started to receive their 13th month and December pension on the first day off this month until December 8.
SSS president and chief executive Emmanuel Dooc said the pension fund has already released the amount to the respective partner-banks starting November 15 to give the banks ample time to release the 13th month and December pension to SSS pensioners.
Some disbursing banks have released the 13th month and December pension as early as November 15.
“We have already asked the banks to release the 13th month pension not later than December 8 while we leave to the discretion of the disbursing banks if they will release the regular monthly pension for December along with the 13th month pension or to release it based on the bank’s usual schedule of the release of monthly pension,” Dooc said.
The monthly pension depends on the member's paid contributions, his credited years of service (CYS), and the number of his dependent minor children that must not exceed five years of age.
The monthly pension will be the highest amount resulting from either one of these three pension formulae: first is 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 10 years or 40 percent of the average monthly salary credit, and or P1,200, if the CYS is at least 10 but less than 20; or P2,400, if the CYS is 20 or more.
The SSS also reminds the pensioners that the basis of the 13th month pension is the basic monthly pension of a pensioner excluding the dependent’s pension, if any.