The SSS authorities are like a bank for retirement pensions. They give out these pensions to people who are eligible for them. The government of the Philippines started the SSS program. This program is for people who don’t earn a lot of money and need financial help.
There are about 3.5 million people who get money from the SSS pension. The authorities are planning to increase the amount of money these people get. They will announce this increase soon, and it will likely start next month. This increase is to help these people have a stable financial life for a long time.
Contents
2024 Philippines Social Pension News
The SSS officials are planning to give more money to the people who get pensions. They will start this new plan in 2025. People’s money when they retire will increase a lot by P223,981.99 in 2024. In 2023, the pension was increased by 14%. For 2024, the amount is expected to increase around 14.5% to 15%, which means people might get P1000 to P2000 more.
The amount of pension a person gets depends on how much they earn every month and how many years they contribute to the pension fund. The monthly pension might go up to ₱18,495, but the least amount a person can get is ₱2,000. SSS members need to keep contributing to the pension fund to make sure they get a pension when they retire. Right now, they need to contribute 13% of their monthly salary, but this might increase by 1%.
Check This
How to Get the Pension
People who get SSS pensions can get their money in two ways:
- Lump-sum Payment: They can get a big amount of money at once for the first 18 months. After that, they will get money every month.
- Lifetime Pension: People who choose this will get money for the rest of their lives.
When Will the Increase Happen?
The SSS considers various factors to decide whether to increase pensions. They consider how well they are collecting contributions, how their investments are performing, and how many people are getting pensions. They also consider where these people live.
They plan to increase the SSS amount by ₱1,000 for all people who get SSS pensions. This increase is expected to start in July and be paid out by July 31, 2024. The government will announce the exact dates later.
Who Can Get the Pension?
There are certain rules that people need to follow to get the SSS pensions. If they don’t follow these rules, they won’t get the pension:
- People need to be at least 60 years old to get the pension.
- They need to live in the country permanently and have documents to prove it.
- People who are disabled need to have medical reports to prove their condition.
- People also need to have a certain amount of assets and income. They won’t get the pension if they have more than the government’s limit.
How to Apply for the Pension
People can apply for the pension online. Here’s how:
- Go to the official website of the Philippines government.
- Click on the member account.
- Look for “Submit Retirement Claim Application” on the website’s e-service page and click on it.
- Please complete all the required details and ensure they are correct. These details include address, contact details, employment history, and others.
- Answer questions about any children who depend on you or if you are a mineworker.
- The money will be put into your UMID-ATM or bank account if your application is approved.
Click the link to know more.
Gaurav, an exam specialist with a passion for education, writes comprehensive articles on exam results and admit cards. His expertise ensures students receive reliable information and useful tips to excel in their exams.