SSS Pension Increase: New Pension Increase and Payment Dates 2024 in Philippines?

Expected Pension Increase in 2024

The SSS plans to increase pension amounts starting this year. The goal is to give pensioners more financial stability in the long term. The full implementation of these changes will happen in 2025, but you’ll start seeing the increase in your payments soon.

What’s Expected for 2024

In a meeting with stakeholders, SSS officials discussed increasing pension payments. The president of SSS, Ronaldo Ledesma Macaset, said it’s a tough decision but necessary for pensioners. They’re looking for ways to make sure there’s enough money to increase pensions.

The plan is to raise retirement pension funds to P223,981.99 this year. In 2023, the pension was increased by 14%. This year, they expect the increase to be between 14.5% to 15%. This means pensioners could get an extra P1000 to P2000.

This increase will help pensioners manage their expenses better and have more financial security.

Payment Dates for SSS Pension Increase

Payments are made monthly on the last business day of the month.

Here are the dates:

1. January 31st
2. February 29th
3. March 29th
4. April 20th
5. May 31st
6. June 28th
7. July 31st
8. August 30th
9. September 30th
10. October 31st
11. November 28th
12. December 31st

If the last day falls on a holiday or weekend, you’ll get your payment on the next business day.

Eligibility for SSS Pension Increase 2024

To qualify for the increase, you need to meet certain criteria:

• You can start claiming benefits from your 60th birthday or during the last months of your 59th year.
• You must be retired and have no other source of income.
• The amount you receive is based on factors like your age, income, and where you live.

Calculating Your Pension

Your basic monthly pension is calculated using these steps:

• PHP300
• Plus, 20% of your average monthly salary
• Plus, 2% of the Average Monthly Salary Credit (AMSC) for every year of service beyond 10 years

The minimum amount you’ll get is calculated like this:

• 40% of the Average Monthly Salary Credit (AMSC)
• PHP1000 if you have less than 20 credited years of service (CYS)
• PHP2400 if you have 20 or more credited years of service (CYS)

If you retire at 65, you’ll get extra support in the first year of retirement. And if you pass away, your primary nominee will get 100% of your pension, including any dependent pension.

How to Get Your SSS Pension Increase

If you’re already getting your SSS pension every month, you don’t need to do anything to get the increase. Here’s how it works:

1. Log in to Your Online Account:

Go to the SSS website and log in to your account. Use your login ID and password.

2. Find the Direct Deposit Option:

Look for the “Direct Deposit” option on the left side of the dashboard.

3. Choose the Month:

Select the month for which you want to withdraw your increased benefit.

4. Enter Your Routing Number:

Enter your routing number so that the money can be deposited directly into your account.

Remember, you’ll need your Personal Nomination Record (PNR) to receive the benefit. If you need to change your PNR number, you can update it on the SSS website.

That’s it! You’ll soon see the increased amount deposited into your account without having to do anything else.

Final Thoughts

We conclude that the SSS in the Philippines is boosting pension benefits to provide more financial stability for retirees. With the expected increase in 2024, pensioners can expect a boost in their monthly payments, helping them manage their expenses better. Remember, payments are made monthly on specific dates, and eligibility criteria apply based on age, retirement status, and income. If you’re already receiving SSS pension, you’ll automatically get the increase. Just log in to your online account to check your details. 

It’s important to be careful because wrong information about these increases can spread fast. Make sure to check facts from trusted sources to avoid scams.