SSS implements new policy for voluntary members 65 years and above
Friday 7th of June 2013
ILOILO CITY, June 7 (PIA) -- The Social Security System (SSS) is requiring voluntary members who are 65 years old and above with less than 120 monthly contributions to secure approval from SSS before they could continue paying their monthly contributions in order to qualify for retirement pension.
Rene Gonzales, OIC-Head of Members Services Section, said that SSS Circular 2013-03 stipulates that voluntary members who are 65 years old or over prior to April 1, 2013 shall be allowed to continue paying contributions until they complete the required 120 monthly contributions for retirement pension but subject to certain requirements.
Members must signify their intention to pay the lacking contributions by filing the Application for Voluntary Payment of Contributions for members aged 65 years old or over prior to April 1, 2013.
Gonzales said that the application form should be filed within April to July 1, 2013 and failure to file the required application form within the prescribed period shall bar the member from paying the lacking contributions and shall only be entitled to lump sum retirement benefit.
For members who will be turning 65 years old on or after April 1, 2013, they shall be allowed to pay the lacking contributions to complete the required contributions for retirement provided they have been initially covered at age 55 or less and have made at least 80 monthly contributions.
The SSS official said that these voluntary members should signify their intention by filing their application before the set deadline which shall be the end of the month following the 65th birthday of the member.
Gonzales also said that once the application of the voluntary member is approved, the member shall continuously pay without gap until the completion of the required 120 monthly contributions for retirement pension. Otherwise, lump sum retirement benefit shall be paid.
He further said that the member shall pay the contribution based on the last monthly salary credit bracket (MSC) and decrease in the approved MSC shall be considered as stoppage of contribution payment.
He added that the application form for Voluntary Payment of Contributions for members aged 65 years old and above may be downloaded through the SSS website at www.sss.gov.ph. (ESS/LTP/PIA-Iloilo)