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

Updated on April 3, 2024

March 2024 SSS Pension Update: New Payment Dates and Amounts for Retirees Turning 60

SSS Pension Dates March 2024

If you’ve paid into the Social Security System for 120 months, you can start receiving a pension at 60. The pension amount is adjusted with the new budget in the country. In 2024, the SSS contribution rate is capped at 14%, with employers contributing 8.5% monthly, and employees covering the remainder. In the Philippines, Government Pension is linked to the Cost of Living. When the COL rises by a set percentage, both employee salaries and pensions see an increase.

SSS Pension Payment Dates 2024

When deciding on a pension, it’s crucial to weigh your overall financial situation and other retirement savings. Assessing personal circumstances and seeking professional advice can be a game-changer. Retirement pension payments are anticipated on March 29, 2024.

The payment will go directly to your registered account and can be accessed through ATM cards. While there might be a slight variation in timing, rest assured the pension will be credited to your designated bank account by the end of the month.

SSS Pension Eligibility

The total lump sum from SSS hinges on both member and employer contributions. To qualify, consider these conditions: timely retirement without additional income, filling out forms a month before turning 60, and having at least 120 contributions during employment. Opting for enhanced income can potentially boost your retirement pension, ensuring more comfortable financial circumstances in your post-employment years.

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SSS Pension Payment Amount 2024

Retirees can receive their SSS pension either through monthly payments for a lifetime benefit or as a lump sum for a one-time withdrawal. The monthly payment amount is influenced by factors like contributions, age, and withdrawal preferences. Be sure to keep bank details updated through the SSS portal. Beneficiaries can anticipate an additional ₱2000 credited to their accounts.

Individuals wanting to extend their employment can do so until the age of 65, applicable to Overseas Filipino workers as well. The maximum payout for retirees in the Philippines is ₱18,495.

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

All We Know

As an employee, the retirement phase should not be overlooked. Early preparation and contribution are key. If you have dependents, additional benefits can be claimed by providing the required documents.

Note that pension rules have specific procedures for opting for a higher pension. No need to panic—we’ve laid out the entire procedure for you:

  1. Visit the official SSS web portal and log in with your credentials.
  2. Select the “Member Account” option.
  3. Under E-Services, click on “Submit Retirement Application.”
  4. Review and ensure your address, name, employment history, and other details are correct.
  5. Answer a few questions about your employment status or dependents.

Once approved, you can start receiving payments on March 29. Stay updated on Government Schemes through our website. Bookmark our site for regular official updates. Dependents may receive an additional 10% monthly.

 

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