Section 12June 18, 1954, Sec./Art. 12

Retirement Benefits. (a) A covered employee who has paid at least one hundred twenty monthly contributions prior to the semester of retirement; and who (1) has reached the age of sixty years and is not receiving monthly compensation of at least three hundred pesos or (2) has reached the age of sixty-five years, shall be entitled for as long as he lives to the monthly pension: Provided, That his dependents born before his retirement of a marriage subsisting when he was fifty-seven years old shall be entitled to the dependents' pension. (As amended by Sec. 4, P.D. No. 1202, S-1977)

(b) A covered member who is sixty years old at retirement and who does not qualify for pension benefits under paragraph (a) above, shall be entitled to a lump sum benefit equal to the total contributions paid by him and on his behalf: Provided, That he is separated from employment and is not continuing payment of contributions to the SSS on his own.

(c) The monthly pension shall be reduced upon the re-employment of a retired employee who is less than sixty-five years old by an amount equivalent to one-half his earnings over three hundred pesos. He shall again be subject to section eighteen and his employer to section nineteen of this Act. (As amended by Sec. 7, R.A. 1792; Sec. 7, R.A. 2658; Sec. 6, P.D. No. 24, S-1972; Sec. 3, P.D. No. 177, S-1973; Sec. 8, P.D. No. 735; S-1975; Sec. 4, P.D. No. 1202, S-1977; and Sec. 7, P.D. No. 1636, S-1979)

(d) Upon the death of the retired employee pensioner, his primary beneficiaries as of the date of his retirement shall be entitled to eighty per cent of the monthly pension and his dependents to the dependents' pension: Provided, That if he has no primary beneficiaries and he dies within sixty months from the start of his monthly pension, his secondary beneficiaries shall be entitled to a lump sum benefit equivalent to the bigger of (1) twenty times the monthly pension or (2) the difference of sixty times the monthly pension and the total monthly pensions paid by the SSS excluding the dependents' pension. (As amended by Sec. 7, P.D. No. 1636, S-1979 and E.O. No. 102, S-1986)