Making Money Stuff.

Today I paid my bills at the SSS. I was able to pay for both January 2018 and the previous quarter of October-December 2017. I opted to continue the same payment that I was paying as an employee, which was a declared salary of 13,500 pesos and an SSS payment of 1,485 a month (It is 500 pesos a month deducted from the salary as an employee, with the employer paying the other 1000 pesos).

I just needed to walk to Pioneer Center and then walk to the building that has Puregold at the side and go to the second floor where the new SSS building is. I had to fill up form CON-01181 which had a carbon copy at the back which was the teller's copy. The form is very confusing and you have to write your name over and over and there is tons of information to write and filling it up is very exhausting. You have to remember your TIN number and I am pretty sure something bad will happen if you write the wrong TIN number. At least the SSS number is something you will remember since you will have to bring an ID for the first payment as a voluntary member (you will probably bring your SSS ID).

From what I read online, it is only possible to pay for missed payments for the previous quarter and it is not possible to pay for SSS payments earlier than that. The last time I paid SSS as an employee was in 2014. As I mentioned earlier, I could only pay for October-December 2017 as well as pay for January 2018 which is this month. My total paid came to 5,940 pesos.

According to the piece of paper I was given, I have already made 62 contributions as an employee. If I don't reach 120 contributions, I can still receive a minimum of 1,500x62 = 93,000 as a lump sum. That is the absolute smallest amount I can get from the SSS at age 65, assuming the SSS stays alive as a government facility.

If I pay for at least 120 contributions total (I will need to pay for 50+ more months), according to the calculations I saw on the SSS website, the smallest monthly pension I can get is 5,400 per month.

If I remember correctly, if I pay 1,485 pesos per month until the age of 60, I will get 7000+ pesos per month as a monthly pension as long as I am alive after age 60. I can increase this amount if I don't claim the pension at age 60 and continue to pay SSS payments until age 65 and only claim the pension at that age.