Get the latest facts and updates regarding the SSS Pension Booster 2024 July Month Pension Date, Contribution Limit, and Amount. MySSS Pension Booster was introduced by the Social Security System. It is a retirement saving plan. It is a tax-free, safe, and convenient opportunity that permits an individual to earn from contributions. Through the SSS program, an individual can achieve a saving goal and ensure his or her comfortable retirement. This article will provide a brief discussion of SSS Pension Booster 2024.
SSS Pension Booster 2024 July Month Pension Date
SSS in the Philippines is a social program that provides financial aid to its citizens. The various financial benefits provided under SSS, that are retirement benefits, disability benefits, maternity, and death benefits. The rules and regulations for pensioners have been revised and the new rules will be implemented from July. The pensioners who live alone in the country and are above 80 can take benefit of the revised rules. In addition to this, the amount of pension is to be increased on the basis of basic expenditure and cost of living. The pension amount increment was planned to address the inflation.
The Federal Government of the Philippines offered the monthly pension benefit to old-age Philippines. These pension benefits are one of the accessible assistance, offered to employees. The payment of retirement compensation is determined by the benefits of overall monthly earning and on the contribution. The beneficiaries can expect their payment on 31 July 2024. However, it may vary by a few days but the payment will be disbursed to the provided bank account.
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SSS Pension Booster Contribution Limit
To get the SSS Pension amount, the individuals must contribute some amount from their monthly income. For the year 2024, the contribution rate for the employer is 9.5% and for the employees is 4.5%, and the combined rate will be 14%. The monthly salary credit ranged between P4000 and P30,000.
In the year 2023, the contribution rate was 13% which inflated by 1% in 2024 and will inflated to 15% in 2025. SSS encourages the members to keep their savings for at least five years in the funds in order to maximize the annual interest rate by 7.2%. In addition, individuals who have an earning of more than P20,000 will eventually get enrolled to the SSS Pension Booster Program.
SSS Pension Booster Amount
The individuals will receive the SSS Pension amount on a monthly basis. The payment will be determined by various factors such as age limit and contribution made. Candidates can expect their inflated pension amount of ₱2000 that will be directly deposited into their bank account.
The eligible beneficiaries must make the relevant contribution to the SSS to get the maximum SSS Pension. The beneficiaries who are registered in the Government’s database will get an expected amount of ₱18,495.
SSS Pension Booster Eligibility
This segment will discuss the eligibility norms that a candidate must meet to receive the pension payment, which are as follows:
- The applicant must be above 60 years old. The candidates must claim the form one month prior turning to 60 years.
- The claimant must be a permanent resident of the Philippines. The applicants must submit the residential proof.
- The candidates must have at least 120 contributions when he or she get employed.
- The claimants must not possess any additional income source and must be retired timely.
- The disabled claimants must provide the medical reports and the results of recently conducted medical tests.
The applicants must note that these eligibility norms might be modified so it is requested to claimants that they must stay tuned on the official website of the Philippines Government.
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All We Know
The employee must not neglect the retirement age and start contributing as early as possible. If a claimant has any dependent, then he or she can claim the additional benefits provided that have to attach supporting documents. Here a guide is provided to file an online pension.
- To file the pension online, a claimant has to visit the official website of SSS.
- The applicant must select the section of a member account.
- There will be a section of E-Services, under that, candidates must select the option of Submit Retirement Application.
- The claimant must check the submitted information.
- A claimant has to attend the questionnaire related to being employed or having a dependent member.
The acknowledgment and decline of the application will be notified to the claimant. The applicant will receive the payment by the end of the month. For the latest information regarding SSS Pension, individuals are advised to stay updated on the official website of SSS. Furthermore, to read the articles regarding SSS Pension, viewers can visit this website.
