Check the details about the SSS Pension Increase 2024: Expected Pension Increase and Payment Dates in Philippines? Here. Here is the good news for the pensioners receiving the Social Security Benefits. The authorities have decided to increase the benefit amount. We have shared the complete details about the SSS Pension Increase in this article.
SSS Pension Increase 2024
The authorities of SSS are responsible for the deposit of retirement pensions and the other benefits plans under the organization. The SSS in the Philippines is a social welfare program run nationwide to provide financial assistance to low-income households. The SSAN is used to track down contributions, increments, and details about the benefits. Around 3.5 million retirees depend upon the SSS pensions.
The Social Security Commission had stated that the pension amount is to be increased form the upcoming months. These changes are made to provide long-term financial stability to the applicant. The full-time implementation of the revised stricture will be implemented in 2025. However, the trail of these increases will be noticed in the deposit amount of the following schedule.
Expected Pension Increase 2024
During the forum of Stakeholders, the president of SSS and the Chief Executive officer, Ronaldo Ledesema Macaset, discussed the increment in the payment with the Labour and Management representative volunteers. The president stated that the increment in the SSS pension is a tough decision. However, The authorities are finding a sustainable source of income to initiate the increment plan.
The authorities are considering increasing the retirement pension funds to P223,981.99 for this year. The SSA pension was increased to 14 per cent in 2023. for this year, the authorities of Labour and management expect the increase to be around 14.5 per cent to 15 per cent in the essential payments. The amount of the deposit is expected to increase to P1000 and P2000.
Payment Dates Of SSS Pension Increase?
The deposit is scheduled to be in the monthly format. The payment is deposited on the last business day of the month. The dates of the deposit are listed in the below table
| Months | Dates |
| January | 31st |
| February | 29th |
| March | 29th |
| April | 20th |
| May | 31st |
| June | 28th |
| July | 31st |
| August | 30th |
| September | 30th |
| October | 31st |
| November | 28th |
| December | 31st |
If there are any holidays or te weekend on the last working day. The amount will be scheduled for the next business day.
Eligibility For SSS Pension Increase 2024
There are many factors considered for the eligibility to receive the payment. The factors include the age category, annual income, and primary residential proofs. Some of the essential details are provided in the below section
- Seniors can claim the benefits from their 60th birthday or during the last months of their 59th year.
- To receive the benefit, the candidates should be retired and have no additional source of income.
The lifetime basic monthly pension of the retiree is calculated as:
- PHP300.
- 20 per cent of the average monthly salary is credited.
- 2 per cent of the AMSC credited in the deposits the year of service in excess of 10 years.
The subject of the minimum amount is calculated as discussed below:
- 40 per cent of the AMCS.
- PHP1000 if the member has less than 20 CYS.
- PHP2400 if the member has 20 or more CYS.
- The compulsory retirement age in the country is 65 years. The individuals retiring at 65 will be receiving additional support during the first year of retirement.
Upon the death of the retirement prisoner, the primary nominee will receive 100 per cent of the BMP, including the dependent pension.
How to Claim SSS Pension Increase?
The pensioners need not apply for the increased benefit. If they are receiving the monthly deposit of the SSS pension plan, the increased amount will be directly deposited in your accounts.
- Log in to your Online Account.
- On the left dashboard, there are “MY Account” options. The candidate should fill out the details, like the login ID and the password, to get the details of the paycheck.
- There will be a Direct Deposit in the dropdown list.
- Select the month of the benefit that needs to be withdrawn.
- Enter the routing number and claim the amount.
The PNR is mandatory to receive the benefit. If the applicant wants to change the PNR number, they can update the details and change the number on the leading portal of SSS.