The MySSS Pension Booster Program, introduced by the Social Security System (SSS), replaces the WISP and WISP Plus. It aims to enhance retirement and savings for employees by offering a higher annual return of 7.2%, as opposed to 6.87% for WISP Plus and 5.33% for WISP. The MySSS Pension Booster Program is a tax-free and convenient investment option for all workers. Moreover, the SSS extends disability benefits to eligible individuals.
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New SSS Grants 2024
The MySSS Pension Booster Program mandates both employers and employees contribute to strengthen retirement savings. The SSS has revised the contribution rate to guarantee that members can access benefits when necessary. The contribution rate stands at 14% of monthly earnings, where 4.5% is contributed by employees and 9.5% by employers. The benefits members can receive from SSS will depend on the contribution rate.
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New Grants and Pensions Eligibility
The latest retirement plan complements members’ investments and savings, ensuring a secure retirement. Individuals enrolled in the standard SSS benefit initiatives can select from disability, retirement, or death benefits. The SSS promotes worker engagement in continuous welfare programs to secure their financial stability.
To avail of the new plans, beneficiaries must meet certain entitlement parameters set by the SSS to ensure that only authentic individuals receive the potential benefits. Some of these parameters include:
- Beneficiaries must be at least 60 years old to receive a retirement pension.
- Recipients must be permanent residents of the Philippines with valid and certified citizenship.
- Individuals should not have any additional income sources, and their income should be within the limits set by the SSS.
- Required contributions must be made to avail of the benefits.
For more details on the qualifying parameters, individuals should refer to the official web portal of the SSS.
Payment Dates
The SSS generally issues payments on the final working day and near the conclusion of every month. The projected payout schedule for 2024 is as follows:
- 30th August
- 28th September
- 31st October
- 28th November
- 31st December
These dates are subject to change, and the SSS will notify standard and confirmed payout schedules. Beneficiaries will receive payouts directly from the bank accounts they provide. If individuals do not have a bank account, they will receive payouts through cheques or other payment channels. The dates will be adjusted if the payment schedule clashes with a holiday. The SSS ensures that payments will be made within the provided timeline.
New Grants and Pensions Application Process
The application process for SSS pension programs involves several steps:
- Registration: Applicants should register on the official web portal of the SSS with their SSS number.
- Submission of Application: Beneficiaries can download the application form from the official website and complete all the mandatory details.
- Required Documents: Applicants must enclose supporting documents with the application, such as age proof, contribution proof, residential proof, birth certificate, identity proof, and others to verify the claim’s authenticity.
Recipients will receive their pension upon the approval of the application. Individuals can check their application and payment status online or contact authorized SSS officials.
Important Information
Working for two companies simultaneously is illegal, and employees can be terminated for double employment. Accurate reporting of such information is essential to avail of potential benefits. Failure to do so can lead to penalties and legal actions. If an individual has multiple accounts, they should inform their employer to avoid any errors or discrepancies in payment disbursements.
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