What are the statutory pension benefits in the Philippines?

In the Philippines, statutory pension benefits are primarily provided through the Social Security System (SSS). The retirement benefit is a cash benefit available either as a monthly pension or a lump sum payment to a retiree member who can no longer work due to old age. There are two types of retirement benefits:

• Monthly pension: This is a lifetime cash benefit paid to a retiree member on a regular monthly basis. To qualify, the retiree must have paid at least 120 monthly contributions prior to the semester of retirement.

• Lump sum benefit: This is a one-time cash benefit equivalent to the total contributions paid by the member or their employer(s), including interest earned. This benefit is available to retiree members who have not met the required 120 monthly contributions.