In this article, you’ll find everything you need to know about the SSS Pension Dates for 2024, including the full month-by-month schedule, payment dates, and amounts. The Social Security System (SSS) provides monthly financial support to Filipino pensioners, helping them with their living expenses. For 2024, the Philippine government has made some updates to the pension plan to tackle rising costs and inflation. Pension payments will be made in the last week of each month. To learn more about the SSS Pension Dates for 2024, the amounts, and other details, keep reading this article.
SSS Pension Date 2024
According to the Social Security System (SSS) in the Philippines, any Filipino who has made a total of 120 monthly contributions is entitled to a pension at the age of 60. The SSS pension amount is adjusted when a new budget is implemented in the country.
For 2024, the SSS contribution rate is capped at 14%. This means that employers are required to contribute 8.5% of an employee’s salary each month, while the employee contributes the remaining percentage. SSS
In the Philippines, retirees receiving government pensions have their benefits tied to the cost of living (COL). When the cost of living increases by a certain predefined percentage, the salaries of employees and the pensions of retirees are adjusted accordingly.
SSS Pension Payment Dates 2024
When deciding whether to opt for a pension, it’s essential to consider your overall financial situation and other retirement savings. Evaluating your personal circumstances and consulting with a professional can make a significant difference. Retirement pensioners can expect their funding on July 29, 2024.
The payment will be disbursed to the registered account and can be accessed using ATM cards. While the exact date may vary, the pension will be credited to the designated bank account by the last day of the month.
SSS Pension Eligibility
The total amount that can be taken as a lump sum from the SSS (Social Security System) depends on the contributions made by the member or their employer. Here are some qualifying conditions to consider before opting for a pension:
- Claimants must retire on time and should not have any additional income sources.
- Applicants need to fill out the necessary forms one month before turning 60 years old.
- A person expecting the payment must have made at least 120 contributions while employed.
By choosing the enhanced income option, individuals can potentially increase their pension amount in retirement, leading to more comfortable financial circumstances in their post-employment years.
Complete Month Wise Schedule
In the Philippines, the Social Security System (SSS) offers essential benefits to all eligible private sector workers. This program is designed to support low-income families with financial aid through the federal SSS Pension Date. For 2024, retirement benefits will be given out based on the monthly schedule listed below.
The SSS pays a lump sum amount for members who retire or become disabled and qualify for monthly pension benefits. This payment depends on how much has been contributed and is related to the total earnings for the month. For 2024, here are the SSS pension dates:
| Month | Date |
| January 2024 | 31 |
| February 2024 | 29 |
| March 2024 | 29 |
| April 2024 | 30 |
| May 2024 | 31 |
| June 2024 | 28 |
| Jule 2024 | 31 |
| August 2024 | 30 |
| September 2024 | 30 |
| October 2024 | 31 |
| November 2024 | 29 |
| December 2024 | 31 |
Here’s how SSS pensioners will get their monthly federal assistance and how to update your direct deposit if needed:
- Log In: Visit the main portal and sign in to your account.
- Find My Account: On the homepage, click on “My Account” to view your personal information.
- Update Direct Deposit: Click on “Direct” and then “view/edit.” Enter your new bank account details here.
- Enter New Details: Input your new routing number and account number. Click “Accept” to save the changes.
Once you’ve updated your information, you’ll get a confirmation email from federal authorities. Starting next month, your SSS Pension will be deposited into your updated account on the scheduled date.
SSS Pension Payment Amount 2024
Retirees have two options for receiving their SSS pension: monthly payments or a lump sum. Monthly payments provide a lifetime benefit, while the lump sum allows for a one-time withdrawal of the entire fund.
The amount a retiree receives monthly from SSS depends on factors such as their contributions, age at retirement, and withdrawal options. Beneficiaries should update their bank details through the SSS portal to ensure they receive their payments. An additional ₱2000 will be credited to their accounts.
Individuals can continue working until the age of 65, including Overseas Filipino Workers. The maximum monthly payout a retiree in the Philippines can receive is ₱18,495.
How to Receive Your SSS Pension
To start receiving your SSS pension, you’ll need to open a savings account where the Social Security System (SSS) can deposit your pension payments. Once your claim is processed, you have two options for receiving your retirement benefits:
- Lifetime Monthly Pension: This starts once you apply for your SSS pension. You need to be at least 60 years old to start receiving it. However, if you choose to work again before turning 65, your monthly pension will be paused until you reach 65.
- Lump Sum Payment: With this option, you’ll get a one-time payment covering the first 18 months of your pension. After this lump sum, you’ll receive monthly payments based on the SSS’s set rates starting from the 19th month.
The lump sum amount combines contributions from both you and your employer. Monthly pensioners will receive their benefits on a specific SSS Pension Date.and visiting regularly for official data. Dependents can receive an additional 10% monthly benefit.
FAQs
What are the main changes to the SSS Pension in 2024?
The pension amounts have been notably increased, foreseeing higher monthly pensions and adjustments influenced by salary credits and years of contributions.
How is the pension amount calculated?
The pension amount is determined by assessing the retiree’s total contribution years and their monthly salary credit.
What options are available for receiving pension payments?
Retirees have the choice between receiving a lump-sum payment for the initial 18 months or opting for a lifelong monthly pension.