SSS Pension Increase 2024: Key Details on Payment Dates and Eligibility

Here’s some good news for people who receive Social Security benefits in the Philippines! The government has decided to increase the amount of these benefits. In this article, we’ll explain the details of the SSS pension increase, including the expected rise in payments, important dates, and how to claim the increase.

What is the SSS Pension?

The Social Security System (SSS) in the Philippines provides financial help to low-income households. The SSS handles retirement pensions and other benefit plans. About 3.5 million retirees depend on these pensions to help with their daily needs.

Why is the SSS Pension Increasing?

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The Social Security Commission has announced that they will increase the pension amounts starting in the upcoming months. This decision aims to give long-term financial stability to retirees. The full implementation of this increase will happen in 2025, but retirees will start to see a trial increase in their payments soon.

Expected Pension Increase in 2024

In a meeting with stakeholders, SSS President and CEO Ronaldo Ledesma Macaset discussed the upcoming pension increase. The authorities plan to increase retirement pension funds to PHP 223,981.99 this year. Last year, the pension increased by 14%. For 2024, the expected increase is around 14.5% to 15%. This means the pension amount could go up by PHP 1,000 to PHP 2,000.

Payment Dates for the SSS Pension Increase

The pension payments are deposited monthly, usually on the last business day of each month. Here are the scheduled payment dates for 2024:

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Month Date
January 31st
February 29th
March 29th
April 30th
May 31st
June 28th
July 31st
August 30th
September 30th
October 31st
November 28th
December 31st

If the last business day falls on a weekend or holiday, the payment will be made on the next business day.

Eligibility for the SSS Pension Increase 2024

To be eligible for the SSS pension increase, you must meet the following criteria:

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Age: You can start receiving benefits at age 60 or in the last months of your 59th year.
Retirement Status: You must be retired and have no other source of income.
Basic Monthly Pension (BMP): This is calculated as follows:
PHP 300 base amount.
20% of your average monthly salary.
2% of the AMSC (Average Monthly Salary Credit) for each year of service beyond 10 years.
The minimum amounts are:

40% of the AMSC.

PHP 1,000 if you have less than 20 credited years of service (CYS).
PHP 2,400 if you have 20 or more CYS.
The compulsory retirement age is 65, and retirees at this age receive additional support in their first year. Upon the retiree’s death, their primary nominee will receive 100% of the BMP, including any dependent pensions.

How to Claim the SSS Pension Increase

If you are already receiving SSS pensions, you don’t need to apply for the increase. The new amount will be directly deposited into your account. Here’s how to check and claim your updated pension:

Log in to Your Online Account: Use your login ID and password.
Check “My Account”: On the left dashboard, find this option.
Select Direct Deposit: Choose the month you want to check.
Enter Routing Number: Claim the amount.
Update PNR: If you need to change your PNR number, update it on the SSS portal.

The SSS pension increase is a significant step to help retirees in the Philippines secure their financial future. By understanding the eligibility criteria, payment dates, and claim process, you can make sure you receive the benefits you deserve. Stay updated and make the most of this support from the government.