If you are turning 60 years old by the end of July, you’ll be pleased to know that we have some important information for you. We recommend that you carefully read this entire post to ensure you have the correct SSS Pension Dates for July.
Contents
SSS Pension July 2024
If you’ve made 120 monthly payments to the Social Security System in the Philippines, you can start getting a pension when you turn 60. The amount of pension you get can change when the country’s budget changes.
In 2024, the maximum amount that can be taken from your salary for the SSS contribution is 14%. This means that your employer has to pay 8.5% of your monthly salary to the SSS, and you have to pay the rest.
The pension that retirees get is linked to the Cost Of Living in the Philippines. So, when the cost of living increases by a certain percentage, the salaries of employees and the pensions increase soon after.
SSS Pension Dates July 2024 |
Details |
|---|---|
Contribution Rate |
14% |
Employer Contribution |
8.5% |
Employee Contribution |
5.5% |
Pension Payment Date |
29 July 2024 |
Maximum Payout |
₱18,495 |
Check This
How to Decide Whether to Opt for a Pension?
When deciding whether to get a pension, it is important to consider your overall financial situation and other retirement savings. Evaluating your circumstances and talking to a professional might help you make a better decision. If you decide to get a pension, you can expect to receive your money on 29 July 2024.
The money will be sent to your registered account, and you can withdraw it using your ATM Cards. The exact date might change by a few days, but you’ll receive your pension in your bank account by the last day of the month.
Who Can Get a Pension?
The total amount of money you can get from the SSS depends on how much you or your employer have paid. Here are some things you need to know before you decide to get a pension:
- You have to retire on time and you can’t have any other sources of income.
- You have to fill out the forms one month before you turn 60 years old.
- You must have made at least 120 payments to the SSS while working.
By choosing to get more income, you can increase the pension you get when you retire. This can help you have a better financial situation after you stop working.
How Much Pension Will You Get in 2024?
You can choose to get your pension either as a monthly payment or as a lump sum. You’ll get a benefit for the rest of your life if you choose monthly payments. You can take out all the money at once if you choose a lump sum.
The amount of monthly payment you get depends on how much you paid into the SSS, how old you are, and how you choose to withdraw the money. You can expect to get an extra ₱2000 in your bank account.
If you want to keep working, you can do so until you’re 65 years old. This also applies to Overseas Filipino workers. The most money a retiree in the Philippines can get is ₱18,495.
What You Need to Know
You can’t ignore the fact that you’ll retire one day. It’s important to start planning for retirement as early as possible. If you have a dependent, you can get extra benefits by showing the necessary documents to the authority.
Remember that there might be certain rules and procedures for getting a higher pension. Don’t worry, we’ve explained the entire procedure below.
Here’s a step-by-step guide on how to apply for a pension online:
- Go to the official SSS website and log in with your username and password.
- Click on the option for a member account.
- Under E-Services, click on Submit Retirement Application.
- Check your address, name, employment history, and other details.
- Answer some questions about whether you worked as a mineworker or have a dependent child.
- After your application is approved, you’ll start getting your pension on 29 July.
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.