SSS Pension Increase 2024 : Philippines Pension Increases and Payment Dates?

Here are the details regarding the SSS Pension Increase 2024. Philippines Pension Increases and Payment Dates? Pensioners receiving Social Security benefits have some good news. According to the authorities, the amount of the benefit has been increased as a result. Detailed information about the SSS Pension Increase can be found in this article, which includes all the necessary details.

SSS Pension Increase 2024

SSS Pension Increase 2024. SSS is responsible for putting the retirement pensions and other benefits on deposit. The SSS in the Philippines provides financial assistance to low-income households through a national social welfare program. A SSAN stores information about contributions, increments, and benefits. SSS pensions are used by approximately 3.5 million retirees.

A pension increase is expected in the upcoming months, according to the Social Security Commission. Applicants will benefit from these changes because they will provide long-term financial stability. During 2025, the revised stricture will be fully implemented. This increase will be reflected in the following schedule’s deposit amount.

SSS Pension Increase Payment Dates?

Deposits are scheduled to be made in the monthly format in order to keep track of them. Payments are deposited on the last business day of the month, which is the last working day of the month. Table below shows the deposit dates.

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

It is not possible to work on the last working day if there is a holiday or weekend. Payment will be scheduled for the following business day.

SSS Pension Increase 2024 Update

During the Stakeholder Forum, Ronaldo Ledesema Macaset, the Chief Executive of SSS, and Labour and Management representatives discussed additional payments. SSS pension increases are a tough decision, according to the president. Authorities are seeking a sustainable revenue stream to initiate increments.

In this year’s budget, the retirement pension fund will be increased to P223,981.99. A 14 percent increase will be implemented in 2024 for the SSA pension. Approximately 14.5 percent to 15 percent is expected as an increase in the essential payments this year, says the Ministry of Labour. Deposits are expected to rise to P1000 and P2000.

SSS Pension Increase Eligibility 2024

The eligibility for receiving the payment is determined by a number of factors. Age, income, and primary residence are among the factors considered. The following section contains some essential information

It is possible for seniors to claim the benefits from their 60th birthday or during the last few months of their 59th year.
Retirement and income from no other source are the requirements for receiving the benefit.

Retirement pensions are calculated as follows:

PHP 300.
A credit of 20% is applied to the average monthly salary.
Over 10 years of service are credited with 2% of AMSC.

Below is an explanation of how the minimum amount is calculated:

40 per cent of the AMCS.
Members with fewer than 20 CYS are charged PHP1000.
If the member has 20 or more CYS, the fee is PHP2400.
The country’s compulsory retirement age is 65 years.

Pension benefits of the retired prisoner will be distributed to the primary nominee upon the death of the prisoner.

Social Security Benefits Increase in 2024

The Social Security and Supplemental Security Income (SSI) benefits of more than 71 million Americans will increase 3.2% in 2024. In January, Social Security retirement benefits will increase by more than $50.

The Department of Labor’s Consumer Price Index (CPI-W) measures the rise in cost-of-living. CPI-W rises when inflation increases, increasing living costs. Prices for goods and services are on average higher. These costs are offset by cost-of-living adjustments.

Social Security and SSI benefits will increase in 2024, which will help millions of people keep up with expenses, Acting Commissioner.

The increase in the national average wage index will bring other changes in January 2024. Social Security payroll tax maximum earnings in 2024 will be higher. In 2024, the retirement earnings test exempt amount will change.

SSS Pension Increase 2024 Calculator

The calculator can be updated by choosing Properties from the main menu, and then Historical Amounts, and then Update. You’ll need to enter the amounts above if the dialog box asks for 2024. Amounts for 2025 or later have already been entered if it asks for them. You can then select Properties, Historical Amounts, and Modify. Press Next Year or Previous Year until it asks for amounts for 2024. Put the amounts in.

Newly announced amounts can be added to the Social Security Benefit Calculator for 2023.1 or 2023.2. Here are the amounts needed to update the 2022 version:

Adjustment for the cost of living in December 2023: 3.2 percent
Indicator of national wages for 2022: $63,795.13
Benefits and contributions for 2024: $168,600
“Old-law” contributions and benefits 2024: $125,100

From the main menu, select Properties, then Computation Year. Enter 2024 in the dialog box that appears.

Calculator will now produce 2024-style estimates based on trustee reports from 2023 or earlier. Get the new version if you want an updated calculator.

How to Claim SSS Pension Increase 2024?

The pension benefit increase is not required for pensioners. Your account will be directly credited if they receive the increase in SSS pension payments.

Log in to your Online Account.
On the left dashboard, there are “MY Account” options.
Details regarding the paycheck must be entered, such as the login ID and password.
Dropdown list will have Direct Deposit option.
Decide which month the benefit should be withdrawn.
Claim the amount using the routing number.

Providing a PNR is a requirement for receiving the benefit. Applicants can update their PNR details and change the number on the leading SSS portal if they wish.