The Philippine pension system provides a guaranteed income to seniors and surviving spouses who meet certain criteria. It ensures that they can live comfortably in their retirement years without sacrificing their quality of life.
Pension payments are based on an individual’s contributions, the amount of time they worked, and the age at which they retire. But what about surviving spouses? How much is their pension?
What benefits do surviving spouses receive?
The SSS provides survivors’ benefits to the spouse of a deceased member who has paid at least 36 months’ worth of contributions prior to death. If there is no surviving spouse, then the benefit will be paid out to any dependent children under 21 years old.
The amount received by the surviving spouse depends on how long the deceased had been paying into the program prior to death and whether or not there are any dependents in addition to them.
You can calculate the pension easily with our SSS Pension Calculator.
Surviving spouses can expect to receive between 1/2 and 3/4 of their late partner’s monthly salary credit multiplied by how many years he or she had been paying into the program before passing away (maximum 36 months).
How much is the pension of surviving spouse?
The amount of the pension depends on several factors, including the type of employment the deceased had, their income level, and whether or not they were a member of any social security programs.
Generally, most benefits are based on a percentage of what was earned during their lifetime and can range from 10-50% depending on these factors.
In addition, other factors such as age, marital status, length of service, number of dependents or beneficiaries can affect the amount awarded by the government.
Some employers may also choose to provide additional assistance in addition to what is provided by social security or insurance plans.
For example, if you’re a widow with two children under 18 years old, you could receive up to 40 percent more than what would normally be paid out due to your situation as a single parent with dependent children (3).
Requirements for Claiming Pension Benefits
In order to claim your pension benefits, you need to register with SSS and make sure all requirements are satisfied first before applying for them. The requirements include:
- Official Receipt: must present an official receipt issued by SSS when registering;
- Death Certificate: must present an authenticated copy of their late spouse’s death certificate;
- Birth Certificate: must submit authentic copies of birth certificates of children showing relationship between deceased and claimant;
- Identification Card: must submit valid identification card signed by an authorized representative;
- Bank Account Details: bank account details where payments will be deposited every month must also be provided when registering.
Are there any other benefits available for surviving spouses?
In addition to receiving survivor’s benefits, surviving spouses may be able to claim additional compensation through life insurance policies taken out by their late partner.
These can be either with SSS Life Insurance, GSIS Life Insurance, or private companies such as SunLife Financial Philippines or Insular Life Assurance Co Ltd (ILA).
The amount payable will depend on the terms and conditions of each policy but generally it should be enough to cover funeral costs, medical bills, and other debts left behind by your loved one.
For those looking for financial stability in their later years, understanding how pensions work can help make all the difference especially if you have a spouse who has passed away recently and you need support from survivors’ benefits.
Knowing how much your partner has contributed over his or her working life will give you an idea about how much you can expect from your pension upon retirement or after his/her death, so make sure you keep track.
In addition, taking out life insurance policies with reputable companies should provide extra peace-of-mind and help cover any unexpected costs that arise due to bereavement
We hope this article give you an idea about what requirements that need to be satisfied before claiming these benefits so that you can ensure your family receives adequate financial support in difficult times like these!