Increase in SS Funeral Benefit from the Fixed Amount of P20,000.00 to Variable Amount Ranging from P20,000 to P40,000

June 26, 2015

SSS CIRCULAR NO. 009-15

 

To provide a more meaningful benefit to SSS members and the beneficiaries, the President of the Philippines, Benigno S. Aquino III, approved the increase in SS funeral benefit from a fixed amount of P20,000 to a variable amount ranging from a minimum of P20,000 to a maximum of P40,000. cEaSHC

The amount of funeral benefit shall be computed as follows:

P20,000 + (0.5% x Number of Contributions x Average Monthly Salary Credit)

but not to exceed P40,000.

where:

• Number of Contributions is the total number of contributions paid up to the month of contingency; and

• Average Monthly Salary Credit (AMSC) is the higher of:

• the result obtained by dividing the sum of the last sixty (60) monthly salary credits immediately preceding the semester of contingency by sixty (60); or

• the result obtained by dividing the sum of all the monthly salary credits prior to the semester of contingency by the number of monthly contributions paid in the same period.

For a member to qualify for a funeral benefit beyond P20,000, he should have a higher number of contributions and/or Monthly Salary Credit as shown in the attached Annex A on the "Number of Monthly Contributions Required for Varied Funeral Benefit Amounts, Given the AMSC of the Member". Also attached is Annex B for the sample computations.

The said increase shall be effective for all funeral benefit claims with date of contingency not earlier than 01 August 2015.

Please be guided accordingly.

(SGD.) EMILIO S. DE QUIROS, JR.President and CEOSocial Security System

ANNEX A

Table 1.

Variable Funeral Benefit

 

ANNEX B

I. Formulation

Php20,000.00 + (0.005 x Number of Contributions x AMSC)

*AMSC — Average Monthly Salary Credit

II. Sample Computations

	Minimum		No. of		Additional	Total Funeral
Examples	Funeral		Contributions	AMSC	Funeral	Benefit
	Benefit				Benefit
	(1)	(2)	(3)	(4)	(5) = (2) x (3) x (4)	(6) = (1) + (5)
At least 1	Php20,000.00	.005	1	Php1,000.00	Php5.00	Php20,005.00
contribution
@ Php1,000
AMSC
21 years of	Php20,000.00	.005	250	Php4,000.00	Php5,000.00	Php25,000.00
employment
@ Php4,000
AMSC
27 years of	Php20,000.00	.005	334	Php6,000.00	Php30,020.00	Php30,020.00
employment
@ Php6,000
AMSC
41 years of	Php20,000.00	.005	500	Php6,000.00	Php15,000.00	Php35,000.00
employment
@ Php14,000
AMSC
20 years of	Php20,000.00	.005	250	Php14,000.00	Php17,500.00	Php37,500.00
employment
@ Php14,000
AMSC
20 years of	Php20,000.00	.005	250	Php16,000.00	Php20,000.00	Php40,000.00
employment
@ Php16,000
AMSC