Age Benefit is paid to an insured person who has reached the age of 65 and has satisfied the necessary contribution conditions.
Age benefit is awarded in the form of a Pension or a Grant
How to qualify for an Age Pension?
To qualify for an Age Pension you must:
(1) be 65 years
(2) have paid at least 500 contributions (10 years)
How is Age Pension calculated?
The rate of Age Pension is 30% of your average annual insurable earnings plus 1% for each complete 50 contributions in excess of 500 contributions.
How to qualify for an Age Grant?
To qualify for an Age Grant you must:
(1) be 65 years
(2) have paid at least 50 contributions (1 year) but less than 500 contributions (10 years).
How is Age Grant calculated?
The Age Grant is calculated as a lump sum equal to six times your average weekly insurable earnings multiplied by the number of complete 50 weeks of contributions.
Age and Survivor’s benefits can be paid concurrently
Note- If you qualify for an Age benefit, and you are in receipt of / or qualify for a Survivor’s benefit you will receive the Age benefit and half of the Survivor’s benefit.
How to claim for an Age benefit?
To claim for Age Benefit complete and submit the Age Benefit Claim Form to the Social Security office within 3 months of your 65th birthday. Attach a copy of your Birth Certificate or other proof of birth and your Social Security Card.
*Age Benefit is not a retirement benefit. You may continue to work while receiving Age Benefit.
*No contributions are to be deducted from your salary if you continue to work after age 65.
*If you continue to work, your employer must contribute 1/2 % of your insurable earnings, as coverage for employment injury.
*Insured persons who have met the qualifying contribution conditions will receive Age Benefit where ever in the world they are.