The Social Security System (SSS) authorities are in charge of depositing retirement pensions and other benefit schemes within the institution. In the Philippines, the SSS is a countrywide social welfare initiative that offers monetary aid to low-income families. The Social Security Account Number (SSAN) is utilized to monitor contributions, increases, and particulars regarding the benefits. Around 3.5 million retired individuals rely on SSS pensions.
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Increased Senior Citizens Pension 2024
The Social Security Commission has stated that pension payments will rise in the next few months. These adjustments aim to offer recipients lasting financial security. The updated system will be in place by 2025, with initial increases being seen according to the following timetable.
Expected Pension Increase 2024
During a meeting of stakeholders, SSS President and CEO Ronnie Ledesma Macaset talked about the pension increase with volunteer representatives from labor and management. He mentioned that raising the SSS pension is a difficult choice, but the authorities are working on finding a reliable source of income to implement the plan.
- Proposed Increase: Retirement pension funds may increase to PHP 223,981.99 for this year.
- Previous Increase: The SSS pension was increased by 14% in 2023.
- Expected Increase for 2024: Authorities expect an increase of around 14.5% to 15% in essential payments.
- Deposit Amount: Expected to increase by PHP 1,000 to PHP 2,000.
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Payment Dates
The monthly deposit is set to occur on the final business day of each month. If the last working day falls on a holiday or weekend, the deposit will be scheduled for the following business day.
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 |
Eligibility for SSS Pension Increase 2024
Eligibility for the pension increase is determined by a variety of factors, such as age, yearly earnings, and proof of primary residence. Important information to consider comprises:
- Age: Seniors are eligible to receive benefits either when they turn 60 or in the final months of their 59th year.
- Retirement Status: Candidates must be retired with no additional source of income.
- Lifetime Basic Monthly Pension (BMP):
- PHP 300
- The amount credited is 20% of the average monthly salary.
- For each year of service beyond 10 years, 2% of the AMSC will be credited.
- Minimum Amount Calculation:
- 40% of the AMCS
- PHP 1,000 if the member has less than 20 CYS
- PHP 2,400 if the member has 20 or more CYS
- Compulsory Retirement Age: 65 years, with additional support during the first year of retirement.
- Death of Retiree: The main applicant will obtain the entire BMP, including the supplementary retirement benefits.
How to Claim SSS Pension Increase
Pensioners do not need to apply for the increased benefit. If they already receive the monthly SSS pension, the increased amount will be directly deposited into their accounts.
- Log in to your Online Account.
- Access “My Account”: Fill out the login ID and password to view paycheck details.
- Direct Deposit: Select the month of the benefit to be withdrawn.
- Enter Routing Number: Claim the amount.
- PNR Requirement: The PNR is mandatory to receive the benefit. Applicants can update and change the PNR number on the SSS portal.
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