SSS Pension Increase 2024: Expected Pension Increase and Payment Dates in the Philippines
The Social Security System (SSS) in the Philippines is set to increase pension benefits for retirees starting in 2024. This development is significant for the millions of pensioners who rely on these benefits for their financial stability. This article provides comprehensive details about the expected pension increase and the payment dates for 2024.
SSS Pension Increase 2024
The Social Security System (SSS) is a government-run social welfare program designed to provide financial assistance to low-income households across the Philippines. The SSS is responsible for managing retirement pensions and other benefit plans for its members. As of now, approximately 3.5 million retirees depend on SSS pensions for their livelihood.
The Social Security Commission has announced an upcoming increase in pension amounts, aimed at providing long-term financial stability to beneficiaries. While the full implementation of the revised pension structure is scheduled for 2025, initial increments will be reflected in the deposits made in 2024.
Expected Pension Increase
During a recent forum of stakeholders, SSS President and Chief Executive Officer Ronaldo Ledesma Macaset discussed the planned pension increment with representatives from labor and management sectors.
According to Macaset, increasing the pension amounts is a challenging decision, but necessary for ensuring financial stability for retirees. The authorities are actively seeking sustainable income sources to support this increment plan.
For 2024, the retirement pension funds are expected to increase to PHP 223,981.99. The pension amount saw a 14% increase in 2023, and for 2024, authorities anticipate an increase of approximately 14.5% to 15%. This means pension deposits could increase by PHP 1,000 to PHP 2,000.
Payment Dates for SSS Pension Increase
The SSS pension payments are deposited monthly, typically on the last business day of each month. Below is a table listing the scheduled payment dates for 2024:
Month | Date |
---|---|
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 the last business day of the month falls on a holiday or weekend, the payment will be scheduled for the next business day.
Eligibility for SSS Pension Increase 2024
Several factors determine eligibility for the SSS pension increase, including age, annual income, and primary residence. Key eligibility criteria include:
- Seniors can start claiming benefits from their 60th birthday or during the last months of their 59th year.
- Retirees must not have any additional source of income.
- The basic monthly pension (BMP) calculation includes PHP 300, 20% of the average monthly salary, and 2% of the average monthly salary credit (AMSC) for each year of service beyond 10 years.
- Minimum pension amounts are calculated as follows:
- 40% of the AMSC.
- PHP 1,000 for members with less than 20 credited years of service (CYS).
- PHP 2,400 for members with 20 or more CYS.
The compulsory retirement age in the Philippines is 65 years. Retirees at this age will receive additional support during their first year of retirement. In the event of a retiree’s death, the primary nominee will receive 100% of the BMP, including the dependent pension.
How to Claim the SSS Pension Increase
Pensioners do not need to apply separately for the increased benefit. If they are already receiving monthly SSS pension payments, the increased amount will be automatically deposited into their accounts.
To check the updated pension details:
- Log in to your online SSS account.
- Navigate to the “My Account” section on the left dashboard.
- Enter your login ID and password to view paycheck details.
- Select “Direct Deposit” from the dropdown list.
- Choose the month for which you want to withdraw the benefit.
- Enter the routing number to claim the amount.
It is mandatory to have a Personal Reference Number (PRN) to receive the benefits. If you need to change your PRN, you can update the details on the SSS portal.
Final Words
This increase in SSS pensions is a significant step towards improving the financial well-being of retirees in the Philippines. Make sure to stay informed about the changes and check your accounts regularly for updates.