SSS Pension Dates 2024: Expected Increase and Payment Schedule

Annual Pension Adjustment

Latest Update: The pension amount undergoes yearly adjustments aligned with the new budget to address specific inquiries.

Eligibility for SSS Retirement Pension

Residents of the Philippines qualify for a retirement pension upon making a minimum of 120 contributions to the Social Security System. Recent revisions in pension amounts have been announced, emphasizing the importance of financial planning for retirement, considering individual financial circumstances and savings.

SSS Payout and Contribution

SSS Pension Dates in 2024

The third phase of pension payments is slated for March 29th, with SSS payouts deposited directly into designated bank accounts upon reaching the age of 60. Both employers and employees are required to contribute 14% to the Super Fund, with contributions divided between the two parties, and employee salaries are directly linked to the Cost of Living.

Increased Payment and Retirement Qualification

Commencing next month, applicants will receive an augmented amount of ₱2000, with retirement pension qualification typically contingent upon age, income, and contributions made to the Superannuation fund.

Payment Schedule for 2024

Below is a tabulated depiction of payment dates in 2024 for clarity:

Payment DatePayment Month
31January 2024
29February 2024
29March 2024
30April 2024
31May 2024
28June 2024
31July 2024
30August 2024
30September 2024
31October 2024
29November 2024
31December 2024

Retirement Preparation and Payment Access

It is advisable to seek professional guidance regarding retirement plans or to reach out to SSS officials. Retirement ideally begins when individuals have achieved their career goals and are physically and mentally prepared to transition to retired life with sufficient financial means. Once the payment is deposited into the beneficiary’s account, it can be accessed via ATMs or designated retail outlets.

FAQs

Q: How is the retirement pension amount determined?

A: The retirement pension amount is calculated based on contributions and monthly income.

Q: Is it possible to withdraw the pension as a lump sum?

A: Yes, the pension can be withdrawn either as a lump sum or in monthly installments.

Q: What happens if pensions are disbursed on non-working days?

A: Pensions disbursed on non-working days are credited on the next business day.

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