Collect the information about the SSS Pension Increase 2024: Expected Pension Increase and Payment Dates in the Philippines. Here. There is good news for the senior citizens who access the Social Security Benefits. The officials announced a raise in the amount of the pension. In this post, you can get the complete details about the SSS Pension Increase.
SSS Pension Increase 2024
SSS Pension was initiated by the Social Security Commission, this is a social welfare program that is functional on a national level. The responsible personnel of SSS deposits the retirement pensions and other benefit payments directly in the bank accounts of the eligible recipients. The SSS Pension plan was established to provide financial support to individuals or families having low income. Through SSAN; benefit details, increments, and contributions can be tracked down. It has been projected that around 3.5 million senior citizens after getting retired rely upon the SSS pension for their monthly expenses.
The responsible body announced to incorporation of an SSS Pension increase in the pension amount in the next months. These modifications have been implemented to serve financial stability in the long run for all the eligible applicants. Recently, the payment structure has been designed by the officials and this revised structure will be implemented in 2025. However, the track of these rises will be observed in the amounts that will be deposited on the upcoming scheduled dates.
SSS Pension Increase 2024: Overview Table
| Title of the Post | SSS Pension Increase 2024 |
| Category | Finance |
| Country | Philippines |
| Expected increase in SSS Pension | P1000-P2000 |
| Category | Government Aid |
| Beneficiaries | Retirees (Low-Income households) |
| Official Account | https://www.oecd.org/ |
Anticipated Pension Increase 2024 in Philippines
During a meeting of the stakeholders, Ronaldo Ledesema Macaset, the Chief Executive officer and the president of SSS carry over the discussion on offering a rise in the payment. The forum has been set up by the Representative Volunteers of the Labour and Management. The president of the organizing body shared that making decisions on giving a hike in the SSS pension is not an easy step. Furthermore, the officials are finding a sustainable income source to start the increment plan.
The retirement pension amount is expected to increase by a considerable amount of P223,981.99 in 2024. In the preceding year also, that is in the year 2023, an increment of 14% has been implemented in the SSA pension. In the running year, the Labour and Management officials anticipate to see an increase of 14.5 to 15% in pension payments. The total rise in the amount can be predicted to lie between P1000 and P2000.
SSS Pension Increase 2024: Payment Dates
This payment is credited every month to the bank accounts of the eligible retirees. The payment is deposited on the last working days of the month. The list mentioned below can be used as a reference to see what will be the dates of payment in upcoming months.
| Months | Dates |
| January | 31 |
| February | 29 |
| March | 29 |
| April | 20 |
| May | 31 |
| June | 28 |
| July | 31 |
| August | 30 |
| September | 30 |
| October | 31 |
| November | 28 |
| December | 31 |
If any holiday or weekend falls on that particular business day of the payment. The payment will be scheduled for the next business day.
SSS Pension Increase 2024: Eligibility
Many factors are there to consider from the eligibility perspective if one wishes to access the payment. The factors included are the annual income, age category, and evidence of primary residency. Some of the important details are mentioned in the below section.
- Senior citizens may start to claim the benefits either from the last month of their age of 59 or after entering their 60th.
- The pension payment can be received only by individuals who are retired and the candidate should not be found to receive any additional income from any other source.
The basic monthly pension that can be accessed by the retiree throughout their life is calculated as:
- PHP300
- 20% payment of the average monthly income is attributed.
- Two percent of the AMSC is credited to the deposits for each year of service beyond ten.
The following is a discussion of how the minimal amount is determined:
- 40% amount of the monthly salary is attributed.
- If the candidate has less than 20 CYS, the PHP is 1000
- If the candidate has 20 or additional CYS, the PHP is 2400.
- The age of 65 is considered the compulsory age to retire from the service in the Philippines. The individuals who take retirement at the age of 65 will be offered additional support during the first year of their giving up work.
In case of the demise of the retirement prisoner, the primary nominee will receive 100% of the Basic Monthly Pension, as well as the dependent pension.
How can you claim the increased SSS Pension Payment?
The pensioners are not required to fill out an application form to access the increased pension. For the candidates who are already receiving the pension payment under the SSS pension plan, the increased amount will be deposited directly into their bank accounts.
- Access your Online Account and navigate to the left dashboard.
- Locate the “MY Account” options and provide the necessary login ID and password to access paycheck details.
- In the dropdown list, choose “Direct Deposit.”
- Pick the desired month for withdrawing benefits.
- Enter the routing number and claim the specific amount.
It is mandatory to provide the PNR for benefit receipt; applicants can update this number on the SSS portal if needed.