SSS is considering to increase the pension amount for the older persons. The problem is some sources claim SSS will increase the pension by P3,000 while others describe that the SSS pension will be increased by 1% of your monthly pension. However, the truth is beyond these figures, so come with me to see 2024 SSS pension increase updates.
Second Tranche Increase
SSS is well-informed about the issues of its applicants, such as their financial needs. Therefore, SSS authorities have announced an increment in the pension of applicants from July 2024. According to authentic sources, the SSS will increase R1,000.
The increment in the pension amount is part of the second tranche increase. The purpose of increment is to provide a quality lifestyle to the pension holders, so they can effortlessly combat financial issues. Before you start celebrating the pension increment party, you should see the eligibility criteria for the second tranche increment.
Eligibility Criteria of SSS Pension Increase 2024
- An applicant must be at least 60 years old.
- An applicant must have made 36 contributions to the SSS.
- An applicant with total disability problems can claim an early pension if he has made 12 contributions to SSS.
Note
If an applicant meets the eligibility criteria mentioned here, he will automatically enroll in the SSS pension increase program. However, if you are a spouse of a deceased SSS pension holder, then make sure the deceased has made 36 monthly contributions in his life. The increase will be applied to all SSS pension holders who are receiving pensions.
How to Claim SSS Pension Increase?
The increment will automatically apply to all the SSS pension holders, but still you need to apply for it. Its application process is not that complex as well as under my guidance, you can effortlessly apply for the SSS pension increase. Here is a step-by-step guide to apply:
Step 1: Go to the My.SSS via the Official website link: https://member.sss.gov.ph/
Step 2: Enter your SSS login credentials.
Step 3: In case, you do not have a registered account then tap on the Register button provided below.
Step 4: Check the box and then click on the Proceed option.
Step 5: Provide all the personal details, such as SSS number, ID number, address, email address, and phone number.
Step 6: Upload the required documents, such as photocopies of ID documents, pictures, and ATM details.
Step 7: Go to your Gmail and login to your account.
Step 8: Tap on the inbox button and you will see a recently received email from SSS to verify the account.
Step 9: Click on the Verify Your Account and then set a username with password.
Step 10: Enter your username and password to log in to your account.
Step 11: Click on the Direct Deposit option.
Step 12: A drop-down list containing the names of the month will appear, you have to check the box in order to select the month of benefits that need to be withdrawn.
Step 13: Provide your routing number and you will be able to claim the amount.
Payment Dates Of SSS Pension Increase?
| 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 |
Benefits of SSS Pension Increase
Enhance Quality of Life
One of the major benefits that the SSS pension increase of 2024 is known for is improved quality of life. The purpose of the SSS pension is to help people deal with financial challenges and allow them to live a better quality of life compared to before.
Voluntary Investment
An older person can happily live on the pension amount and then save it for the future. Another benefit that the SSS pension increase can offer is that people will be encouraged to save more money and invest it voluntarily. In this way, it will help our country to make progress fast.
Financial Security
The majority of the older people live in old age houses or in old care centers where they have to pay monthly charges for food and accommodation. An increment in the pension will help them combat their financial needs and they will be able to secure a small amount of money in case they move from one care center to another.
Health Issues
I have seen older people suffering from chronic diseases and unable to afford medical treatment due to budget problems. But an increment in the pension money will help them afford all kinds of treatments. Additionally, they can regularly visit their health advisors in order to maintain a healthy lifestyle with the help of an additional amount.
Final Words
SSS 2024 increment is life-changing for older people who are in the darkness of financial crises. A P1,000 additional amount will not only help financially deprived pension holders to afford medical treatments but it will also encourage them to save for some rainy days. If you meet the eligibility criteria and apply for the withdrawal, you will be able to avail additional P1,000.
I hope this information will help you in the future, thank you.