We recommend reading this page to stay up to date on SSS Pension Changes 2024: New Pension Changes, History, and Future of Pension Increases in the Philippines.
SSS Pension is a national social welfare program launched in the Philippines by the Social Security Commission. The SSS authorities are responsible for depositing retirement pensions and other benefits for the aged. beneath the firm.
Low-income individuals and families are expected to receive financial help under the SSS Pension scheme. According to predictions, about 3.5 million retired seniors rely on their SSS pensions to meet their monthly expenses.
History and Future of Pension Increase in the Philippines 2024
Republic Act No. 1161, often known as the Social Security Act of 1954, was passed, and on September 1st, 1957, the SSS was founded.
The SSA pension increased by 14% in 2023, as well as the previous year. According to Labor and Management officials, pension payouts are anticipated to increase by 14.5 to 15% this fiscal year. The overall increase occurs between P1000 and P2000.
SSS members must pay their contributions regularly to ensure that they will get substantial benefits when they retire. Up to 2025, the contribution rate, which is currently 13% of an employee’s monthly wage credit, will increase by 1% every other year.
SSS New Pension Changes
During a stakeholder meeting, SSS’s CEO and president, Ronaldo Ledesema Macaset, discusses recommending an increase in the payout. In 2024, the retirement pension amount will increase significantly by P223,981.99.
Your SSS pension is computed based on the number of years you contributed as well as the monthly salary credit. Your SSS monthly pension will rise in proportion to the MSC and the length of time you make payments. Retirees in the Philippines might receive up to ₱18,495. The minimum monthly pension amount is ₱2,000.
Receiving SSS Pension
The application for SSS retirement must include a photocopy of the member’s passbook, ATM card, initial deposit slip, bank statement, or Visa Cash Card enrolment form. Members must open one savings account.
The SSS pension will be transferred to the designated bank—ideally, the branch nearest to the member’s house. There are two procedures for getting SSS retirement benefits:
Lump-sum Payment: Members can also choose to pay a lesser cost established by the SSS for the first 18 months of their pension. The monthly pension will begin to be paid on the 19th month and will continue thereafter.
Lifetime Pension: Applying for the retirement benefit will start the monthly pension. If a person chooses to return to work after turning 60, their monthly pension payout will be suspended until they reach the age of 65.
In Social Security, the lump sum refers to the total amount of employer and member payments, including interest.
