2024 SSS Pension Cap and Calculation Method

Updated on February 22, 2024

Discover the key details about the 2024 Maximum SSS Pension: How much can you receive, and how is it calculated? This discussion revolves around the 13% contribution made by citizens during their employment. Retirees this year, especially older citizens, can anticipate receiving the maximum amount. Explore additional pertinent information in the following sections of this article.

Maximum SSS Pension 2024

To qualify for the 2024 Maximum SSS Pension, eligible citizens must make the necessary SSS contributions. The amount, set at ₱18,495, is applicable for individuals registered in the Government’s database.

Pensions will be based on monthly contributions ranging from PHP 1,120 to PHP 4,200, contributed by both employees and employers throughout their working years.

How Much is Maximum SSS Pension?

Individuals aged 60 and above qualify for the pension, provided they are taxpayers and contributors. They need to meet these criteria to receive a feasible amount.

The current contribution rate for receiving the pension is 13%, with a planned 1% increase until 2025. The pension amount is influenced by factors such as family circumstances and the total number of active years contributing to the SSS.

How to Plan a Retirement in the Philippines?

Many Filipinos look forward to reaping retirement benefits through thoughtful planning. Below, we’ve outlined strategies for early retirement planning:

  1. Investment Funds: Retirees with lump sum savings can consider investing in stocks, mutual funds, or similar avenues to generate passive income post-retirement. Gaining knowledge of the financial market is crucial for making informed investment decisions.
  2. SSS Pension Plan: Contributions are essential for citizens to secure a pension upon reaching retirement age, as previously mentioned.
  3. VUL Insurance Application: Applying for a Variable Universal Life (VUL) insurance plan enables the retirement fund to grow based on the chosen insurance coverage.
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These pensionable schemes are applicable to both government and private employees, offering a comprehensive approach to retirement planning.

How to Compute it?

Utilize the online SSS Calculator by entering details such as salary, contribution rate, total contributions, and more. After inputting the required information, click on ‘Compute.’ The tool will provide approximate values of the pension that can be collected from the officials.

 

Pension Formula Philippines

The image displayed above illustrates the formulas officials may employ to calculate the pension. To determine salary accurately, ensure precise inputs. If any confusion persists, consider visiting the nearest SSS Office for assistance.

Philippines Minimum Wage Increase 2024

Exciting news for civil servants in the country as they can expect a boost in their income this year. The government has approved increases of 6.5% for goods, 6.8% for technology, and 6.7% for retail and wholesale workers. This salary hike is particularly beneficial for senior citizens, helping them navigate financial challenges each month. Individuals responsible for supporting family members or managing loans can make use of the increased payment to address their needs.

Ways to Claim Pension in the Philippines

Now is the opportune time for citizens to secure a substantial amount to manage their households and maintain a standard of living. For Filipinos aiming to receive the pension in 2024, a straightforward procedure can be followed:

Step 1: Correctly fill out the RCA Form, available on the relevant portal.

Step 2: Provide a valid ID, passport-sized photos, signature, and other necessary details.

Step 3: Submit relevant documents in the specified format, including a copy of the salary slip, residency proof, birth certificate, ID, property evidence (if applicable), and more.

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Step 4: Attach the documents and details of the SSS Pension officials to the form.

Step 5: Finally, submit the Letter of Authority with the signature of the Special Power of Attorney.

The online process is convenient, but if you feel unsure, visiting the nearest SSS office is an option to claim the amount.

 

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