The Social Security System has issued Circular No. 2015-009 to inform all SSS members about the increase in SS Funeral Benefit from the Fixed Amount of P20,000.00 to Variable Amount ranging from P20,000 to P40,000 approved by the President of the Philippines, Benigno S. Aquino III.
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 the 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 computation.
The said increase shall be effective for all funeral benefit claims with date of contingency not earlier than August 01, 2015.
Please refer https://www.sss.gov.ph/sss/DownloadContent?fileName=CI2015_009.pdf of the full text of the circular including Annex A and Annex B.
