What Are the Types of SSS Retirement Benefits?

The SSS retirement benefits come in two basic types:

1. the monthly pension, and
2. the lump sum amount.

The monthly pension is a lifetime cash benefit paid to a retiree who has paid at least 120 monthly contributions to the SSS prior to the semester of retirement.

The lump sum amount is granted to a retiree who has not paid the required 120 monthly contributions. It is equal to the total contributions paid by the member and by the employer including interest.