The SSS Pension is a program in the Philippines that helps older people. It’s run by the Social Security Commission, which ensures that retired people get money every month. This program is especially for people who don’t have a lot of money. About 3.5 million retired people depend on this pension for their daily needs.
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Philippines SSS Pension Changes 2024
The head of SSS, Ronaldo Ledesema Macaset, has suggested that they should give more money to retired people. In 2024, the amount of money given to retired people will increase by P223,981.99.
How much pension you get depends on how long you have been paying into the system and how much you earn each month. The more you pay and the longer you pay, the more pensions you get. The most a retired person can get is ₱18,495 per month. The least amount is ₱2,000 per month.
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Past and Future of Pension Increase in the Philippines
The Social Security System (SSS) was established on September 1st, 1957, by the Social Security Act of 1954 provisions. The SSS plays a pivotal role in providing social security protection to the Filipino people. In 2023, the pension received a substantial increase of 14%.
Looking ahead, it is projected to witness a further rise, with estimates ranging between 14.5% and 15% this year. The exact increase will fall within the range of P1000 to P2000. SSS members must ensure regular payments to secure a substantial pension upon retirement.
At present, members contribute 13% of their monthly salary. This contribution rate is set to increment by 1% every two years until 2025. This gradual increment aims to bolster the pension fund’s sustainability and meet the members’ evolving needs.
How to Get SSS Pension
To apply for pension, members need to provide a copy of their passbook, ATM card, first deposit slip, bank statement, or Visa Cash Card enrollment form. They must also open a savings account to initiate the pension application process.
The pension will be sent to the bank chosen by the member. The bank should ideally be the one closest to where the member lives. There are two ways to get the pension:
- Lump-sum Payment: Members can get a smaller amount for the first 18 months. From the 19th month onwards, they will get the regular monthly pension.
- Lifetime Pension: Once members apply for a pension, they will receive it monthly. If they start working again after turning 60, the pension will stop until they turn 65.
In Social Security, the lump sum is the total amount of money paid by the employer and the member, including interest.
Conclusion
This guide should help you understand how the SSS pension works. It will be useful if you have older family members who are about to retire and have contributed to the Social Security system for years.
The Social Security System (SSS) asks all retired people to report to the SSS annually for the Annual Confirmation of Pensioners (ACOP) to keep getting their monthly pension. Starting March 20, 2024, retired people who are 80 or older and live in the Philippines must start participating in the ACOP program. This is according to the updated requirements of the ACOP program.
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