Find out more about the SSS Pension Increase 2024: When Will My Pension Go Up and How Much Will I Get? Here. Here’s some good news for people who get Social Security benefits as a pension. The government has chosen to raise the amount of the benefit. This article tells you everything you need to know about the SSS Pension Increase.
SSS Pension Increase 2024
It is up to the people in charge of SSS to make sure that retirement income and other benefits plans are deposited. In the Philippines, the SSS is a social aid program that helps low-income families by giving them money. The SSAN is used to find information about perks, contributions, and increases. Retirement payments from the SSS are important to about 3.5 million people.
The Social Security Commission said that the amount of the salary would be raised starting in the next few months. These changes are made to help the applicant’s finances in the long run. The new rule will be fully enforced all the time starting in 2025. But you can see the effects of these price hikes in the deposit amount shown in the next table.
Expected Pension Increase 2024
At the Stakeholders Forum, Ronaldo Ledesema Macaset, president of SSS, and Jorge A. Macaset, CEO, talked about the pay raise with the volunteers who were representing labor and management. The president said that the choice to raise the SSS pension is a tough one. However, the government is looking for a long-term way to make money so that the growth plan can begin.
For this year, the government is thinking about raising the retirement salary funds to P223,981.99. It was raised to 14% in 2023 for the SSA income. Labour and management officials think that the prices of necessary goods will go up by about 14.5% to 15% this year. The payment amount is likely to go up to between 1000 and 2000 Philippine pesos.
Payment Dates Of SSS Pension Increase?
It is planned that the deposit will happen every month. The money is put into the account on the last business day of the month. The deposit dates are shown in the table below:
| 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 |
There will be no work on the last day if there are any holidays or the weekend. The amount is set to be paid the following work day.
Eligibility For SSS Pension Increase 2024
A lot of things are taken into account to see if someone is eligible for the payment. Some of the factors are age, annual income, and proof of main residence. Some of the most important information is given below.
- People over 60 can start getting the benefits on their 60th birthday or in the last few months of their 59th year.
- In order to get the benefit, people must be retired and not have any other source of income.
The retiree’s basic monthly salary for life is found by:
- 300 PHP.
- 20% of the average monthly pay is placed on the account.
- 2% of the AMSC was put into the deposits in the year of work for more than 10 years.
Here’s how to figure out the subject of the minimum amount:
- 40% of the AMCS.
- If the person doesn’t have 20 CYS, it will cost 1000 PHP.
- If the user has 20 CYS or more, it costs 2,400 PHP.
- The age at which people have to retire in the country is 65. The people who leave at age 65 will get extra help during their first year of retirement.
If the retirement prisoner dies, the main nominee will get the full BMP, which includes the dependent pension.
How to Claim SSS Pension Increase?
The retirees don’t have to apply to get the extra money. If they are already getting a regular payment from the SSS pension plan, the extra money will be sent straight to your accounts.
- Go to your online account and log in.
- From the left panel, you can choose “MY Account.” The candidate needs to fill out the information, such as the login ID and password, to find out further information about the pay.
- In the drop-down menu, there will be a Direct Deposit option.
- Pick the month of the reward that needs to be taken out.
- Sort the money into the account and get the amount.
To get the advantage, you have to have the PNR. The person who wants to change their PNR number can do so on the main SSS website by updating their information and changing the number.
Continue Browsing Hayward Library to get more information.