SSS Pension Dates July 2024: New Pension Payment Dates and Payment Amount

If you’re turning 60 by the end of July, we have great news for you! This post provides all the details you need to know about the SSS pension dates and payment amounts for July 2024. Read on to get accurate information on the new pension payment dates and amounts for the upcoming month.

SSS Pension Dates July 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.

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.

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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.

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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.

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All We Know

Employees should not overlook the importance of preparing for retirement. It’s crucial to start planning and contributing early. If you have dependents, you can claim additional benefits by providing the necessary documents to the relevant authority.

It’s important to understand that pension rules may include specific procedures for opting for a higher pension. Don’t worry—we have outlined the entire process for you.

Here is a step-by-step guide to filing a pension application online:

  1. Visit the official SSS web portal and log in using your credentials.
  2. Select the option for a member account.
  3. Under E-Services, click on “Submit Retirement Application.”
  4. Verify that your address, name, employment history, and other details are correct.
  5. Answer questions regarding employment as a mineworker or having dependent children.

Once your application is approved, you will start receiving payments on July 29.

Stay up-to-date with the latest government schemes by bookmarking our site and visiting regularly for official data. Dependents can receive an additional 10% monthly benefit.

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