Discover all on SSS Pension Dates June 2024: New Pension Payment Dates and Payment Amount. Turning 60 by the end of June. Here’s a piece of brilliant news for all the retirees in the upcoming month. We recommend reading this post till last to get the accurate SSS Pension Dates June.
SSS Pension Dates June 2024
According to the Social Security System any Filipino who has actively made a total of 120 monthly contributions is entitled to a pension at the age of 60. The SSS pension amount is changed after the new budget is implemented in the country.
The SSS contribution rate in 2024 is capped at 14%. Simply means that an employer has to make a mandatory contribution of 8.5% per month to an employee’s salary and a worker contributes the rest.
In the Philippines, the retirees getting Government Pension are tied Cost Of Living. When the COL goes up a certain pre-defined percentage, shortly the salaries of employees and the pensions are elevated.
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SSS Pension Payment Dates 2024
It is essential to consider the overall financial situation plus other retirement savings while deciding whether to opt for a pension. Evaluation of personal circumstances and the consulting profession might be a game changer. Retirement pensioners can expect their funding on 29 June 2024.
The payment will be disbursed to the registered account and can be accessed using the ATM Cards. It may vary by a few days but 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 through the SSS as a lump sum thoroughly depends on the contributions made by the member or the employer. Here are some of the qualifying conditions that must be kept in mind before opting for the Pension.
- Claimants have to retire timely and must not have additional income sources.
- Applicants have to fill out the forms one month prior turning to 60 years.
- A person expecting the payment must have made at least 120 contributions when employed.
By opting the enhanced income, individuals can potentially boost their pension amount in retirement. Providing more comfortable financial circumstances in post-employment years.
SSS Pension Payment Amount 2024
The amount can be received either based on a monthly payment or in a collection by the member who is no longer willing to work. Through monthly payments, retirees can receive a lifetime benefit whereas the lump sum amount will allow them to withdraw the fund once.
The monthly payment amount received by the SSS pensioner depends on factors like the contribution made, the age limit, and also on the withdrawal. Till then make sure to update the bank details via the leading portal of SSS. Beneficiaries can expect the inflated amount of ₱2000 to be credited to their bank accounts.
In case any individual wants to continue the employment life they are eligible until the age of 65 and the same goes for Overseas Filipino workers. The maximum payout a can expect as a retiree in the Philippines is ₱18,495.
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All We Know
The retirement stage of life cannot be neglected by an employee. It is important to prepare the mind and start contributing to the stage as early as possible. In case of a dependent the member can claim additional benifits by providing the supported document to the authority.
It is important to note that the pension rules may have certain rules and procedures for opting for a higher pension. Well, do not panic we have shared the entire procedure that should be followed.
Here is a guide that must be obeyed to file a pension online.
- Visit the official web portal of SSS and log in using the credentials.
- Select the option of a member account.
- Under the E-Services click on the option of Submit Retirement Application.
- Now check whether the address, name, employment history and other details are correct.
- Answer a few questions regarding being employed as a mineworker or having a dependent child.
After the application has been approved claimant will start receiving the payment on 29 June.
Make sure to stay up-to-date with the latest updates regarding any Government Schemes through our website. Bookmark our site and pay a visit regularly to get official data. Dependents can receive an additional 10% monthly.
