Get the latest updates regarding the SSS New Grants 2024: New Grants and Pensions Introduced by SSS – Eligibility. The Social Security System (SSS) in the Philippines is an agency of the government that oversees the governmental social assistance programs. Certain adjustments are made in these programs as per the inflation and the cost of living. Recently, the government has decided to increase the SSS contribution rate. In addition, SSS unveiled the new pension booster program, which is briefly described in this article.
New Grants and Pensions Introduced by SSS
As per the current news, the SSS decided to replace the Worker’s Investment and Saving Program (WISP) and WISP Plus with the MySSS Pension Booster Program. The SSS unveiled a new program intending to boost retirement and savings as it is projected to yield 7.2% annual returns, which is far better than 6.87% of WISP Plus and 5.33% of WISP. MySSS Pension Booster program is a non-taxable and convenient investment opportunity for all workers. Additionally, the SSS offers disability benefits to the entitled individuals.
Certain mandatory contribution rates from employers and employees are included in the pension booster program to strengthen retirement savings. The SSS has updated its contribution rate, to ensure that the members can receive the benefits when they require. The contribution rate is set at 14% of monthly earnings. The contribution rate funded by the employees is 4.5%, and for the employers, it is 9.5%. The contribution rate will determine the amount of SSS benefits.
New Grants and Pensions Eligibility
The new pension program of the SSS supplements the investment and savings of the members for their comfortable retirement. Under the regular SSS benefit programs, individuals can opt for disability, retirement, or death benefits. The SSS encourages the workers to participate in ongoing welfare programs to stabilize their financial conditions to some extent.
To avail of the new plans, beneficiaries have to meet certain entitlement parameters that the SSS sets to ensure that authentic individuals will receive the potential benefits. Some of these parameters are as follows:
- To get a retirement pension, the age of beneficiaries should be at least 60 years old.
- Recipients should be permanent residents of the Philippines and should have valid and certified citizenship.
- Individuals should not have any additional income source, and their income should be within the limits that are set by the SSS.
- Benefits should have required contributions to avail of the benefits.
Individuals should refer to the authentic web portal of the SSS for more details on the qualifying parameters.
New Grants and Pensions Payment Dates
The SSS made its regular payouts, typically on the last business day and around the end of each month. The entitled individuals can avail of their payments on the 30th of August, 28th of September, 31st of October, 28th of November, and 31st of December 2024. Notably, these are only anticipated payout dates. Standard and confirmed payout schedules will be notified by the SSS.
The beneficiaries will get payouts directly to their provided bank account. If individuals do not possess any bank account, then they will get the payouts through cheques or any other payment channel. However, if the set payment schedule clashes with any holiday, then the payment dates will be adjusted. The SASSA ensures that the payment will be made within the provided timeline.
New Grants and Pensions Application
This segment will briefly describe the application process of SSS pension programs:
- Registration – Applicants should ensure their registration on the official web portal of the SSS with the SSS number.
- Submission of Application – Beneficiaries can download the form through the official website. Fill out all the mandatory details provided in the application form.
- Required Documents – Enclosed the supporting documents with the application, such as age proof, contribution, residential proof, birth certificate, identity proof, and others, to verify the claim’s authenticity.
Recipients will receive their pension upon the approval of the application. Individuals can check their application and payment status online or can contact the authorized officials of the SASSA.
All We Know
It is illegal to work under two companies at the same time, and for this, the employees can be terminated. This is double employment, and such information must be accurately reported to avail of the potential benefits. Failing this can lead to a penalty and certain other legal actions. If an individual has several accounts at a time, then he or she should inform the employer to avoid any error or discrepancy in the payment disbursements.
To know more about the SASSA benefits and its upgraded information, readers can fequently visit this web page.