Check all crucial details on the Philippines Pension Increase News: Amount, Dates, Eligibility, News and Updates here. Receiving higher pension payments can be worthwhile for seniors as they can cope with the financial challenges raised due to inflation in the cost of living. Read our post on Philippines Pension Increase News to get an immense of information on the new pension rates in the Philippines.
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Philippines Pension Increase News
Citizens who want to enjoy the benefits of SSS in the Philippines should mandatorily make monthly contributions from their income. As per the present year, the contribution rate for the employer is capped at 9.5 per cent and 4.5 per cent for the employee. The amount deducted from their monthly income is negligible, and the employee does not even notice the minute reduction rate.
In case of an emergency the pensioners can withdraw the monthly deposit in advance as a form of loan in lump sum. The amount will later be deducted from the regular deposit. However, the overseas Filipinos, self-employed, and non-working partners must contribute the full total of 14% each month.
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Philippines Pension Increase Amount
In the stakeholder meeting, the president of SSS, Ronaldo Ledesema Macaset, announced the final verdict to boost the pension pension. He also stated that self-employed individuals will benefit from disability, retirement, maternity, sickness, and other benefits offered by SSS. The maximum amount that a pensioner will obtain will be ₱18,495, whereas they can expect a monthly payment of ₱2,000.
Aside from the SSS pension increment, Macaset highlighted the Worker’s Investment Saving Program, which is a compulsory fund management for the SSS members who make significant monthly contributions to the SSS program. Members paying a maximum amount of P20,000 monthly salary credit can start contributing to WISP with a minimum amount of P500.
Philippines Pension Increase Dates
The SSS Pension Payment dates may vary depending on the mode of payment the pension has opted for. Generally, the pension is credited in the last week of each month through the direct deposit method. If you are unaware of the payment dates, go through the table we have shared.
| Months | Dates |
| January | 31st |
| February | 29th |
| March | 29th |
| April | 20th |
| May | 31st |
| June | 28th |
| July | 31st |
| August | 30th |
| September | 30th |
| October | 31st |
| November | 28th |
| December | 31st |
It is important if in case there occurs a public holiday on 31 December 2024. The pension payment will be scheduled for the next working day.
Philippines Pension Increase Eligibility
If you are planning to contribute to the Pension Plan, you must have SSAS Numbers, which are allocated to each monomer of SSS during the registration procedure. Here are a few eligibility criteria that must be considered if you desire to receive an increased pension.
- The standard retirement age in the Philippines is 65. However, individuals can opt for early retirement at the age of 60.
- Individuals must claim a month before turning 60 years of age.
- The Claimant must not be working anymore to receive the pension with no additional source of income.
- The enhanced amount is credited to each senior depending on several factors, such as annual income, residency status, and age criteria.
Kindly ensure that details such as date of birth, address, bank credentials, and the entire membership record in up to date.
Philippines Pension Increase Latest Updates
The maximum privilege will be given to the Super Seniors, the disabled candidates, and the post-retired seniors. The pension amount for the SSS payment generally depends on numerous factors, such as the amount contributed to the plan, residential status, and age criteria. In 2023 the inflation rate in the pension was 14%, whereas this year, it is predicted to rise by 15%. Kindly note that the complete implementation of the new norms will be reflected by 2025
The highest amount of monthly pension paid to the eligible is ₱2000 for those who have contributed the maximum amount of income while working. However, the actual payment amount will thoroughly depend on the individual circumstances. The SSS payments are revised every year as the new budget for the fiscal is introduced by the authoirities. No doubt, raising the pension amount is a complex procedure, but it is most important for seniors who do not have any additional source of income other than the pension.
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