- Good evening Attorney. Can we still get our SSS pension when we reach the retirement age even if we are already Canadian citizens, or we need to apply for Dual Citizenship?
Thank you very much and God bless! Sincerely, Melvin
ANS: Hello Melvin, if you have reached the retirement age whether at 60 years optional, or 65 years of age, compulsory retirement, and you have contributed not less than 120 monthly contributions, an SSS member, you are entitled to the full pension benefit from the SSS.
Your citizenship has nothing to do with your illegibility . Hence, there is no need for you to apply for Dual Citizenship. If you opt for an early retirement, upon reaching 60 years, you could enjoy your retirement benefits and make use of your retirement pension benefit . If you take this option, under the SSS policy, a retiree-member has the option to receive the first 18 months’ pension paid out in lump sum, but discounted at a preferential rate of interest to be determined by the SSS.
Thereafter as SSS retiree, you will start receiving your monthly pension on the 19th month, and every month thereafter. This option for advance payment shall be exercised only when filing the first retirement claim. It is only the advanced pension payments that are discounted on the date of payment; the dependent’s allowance and 13th month pension are excluded from the advanced 18-month pension amount.
Note further that under the SSS law, benefits and pension are not considered as compensation or business income and are therefore exempt from taxation under the Tax Code of the Philippines .
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