Social Security Act
Section 12. Monthly Pension.- -
(a) The monthly pension shall be the highest of the following amounts:
(1) The sum of the following:
(i) Three hundred pesos (₱300.00); plus
(ii) Twenty percent (20%) of the average monthly salary credit; plus
(iii) Two percent (2%) of the average monthly salary credit for each credited year of service in excess of ten (10) years; or
(2) Forty percent (40%) of the average monthly salary credit; or
(3) One thousand pesos (₱1,000.00): Provided, That the monthly pension shall in no case be paid for an aggregate amount of less than sixty (60) months.
(b) Notwithstanding the preceding paragraph, the minimum pension shall be One thousand two hundred pesos (₱1,200.00) for members with at least ten (10) credited years of service and Two thousand four hundred pesos (₱2,400.00) for those with twenty (20) credited years of service: Provided, That the Commission, upon determination of actuarial soundness, may provide pension increase than the amounts specified herein.
(c) Additional Benefit Allowance. - Pursuant to Memorandum from the Executive Secretary dated 22 February 2017, by authority of the President of the Republic of the Philippines, an additional monthly benefit allowance amounting to One thousand pesos (₱1,000.00) shall be given to all retirement, death, and disability pensioners receiving monthly pensions in or after January two thousand seventeen (2017). The Commission may determine the grant of additional benefit allowance: Provided, That the actuarial soundness of the reserve fund shall be guaranteed. All other additional allowances to monthly pension subsequent to the Memorandum of the Executive Secretary dated February 22, 2017 shall be subject to the requirement of fund viability and sustainability as determined by the Commission based on the recommendations of the Office of the Chief Actuary guaranteeing the actuarial soundness of the grant of such allowances.