MANILA, Philippines – The Social Security System (SSS) has released their updated table of contributions. The new computation will be implemented for the applicable month of April and payable by May 2019.
Following the passing of the SSS Rationalization Act, several changes were made for this year's SSS contributions. SSS members and their employers will notice that they will now be contributing 12% from the current 11% monthly contribution. At least two-thirds of the contribution rate increase would be shouldered by the employer.
The increase will gradually continue until it reaches 15 percent by 2025. The new SSS Act also provides the gradual adjustment of the minimum and maximum monthly salary credit.
With the new table of contributions, it has increased the highest monthly salary credit to P20,000 from the current P16,000. The P20,000 month salary credit is for those with compensation of P19,750 and above.
For the “Self-employed, Voluntary, Non-Working Spouse,” those with P2,000 monthly salary credit shall contribute P240 while those with the maximum monthly credit (P20,000) will contribute P2,400.
For the “Employed” members, their employers will shoulder 68% of their contributions. Only the remaining 32% will be from the employee. For a monthly credit of P2,000, the total contribution would be P250.
For the “Household Employers and Kasambahay,” the employers will shoulder the full monthly contribution of those kasambahay who receive 4,999 and below monthly compensation. For a monthly salary credit of P1,000, the monthly contribution to be paid by the employer would be P130.
Under the new law, it also requires overseas Filipino workers (OFWs) to become SSS members. They will be assured of social security protection as long as they are not over 60 years of age.
For OFWs, their minimum monthly salary credit is pegged at P8,000. The lowest monthly contribution is at P960.
The new SSS law was made to ensure the security of the pension fund and to fund for the new benefits, including the additional P1,000 pension benefit promised by President Duterte.
It will also provide an “unemployment insurance” for members who were involuntarily dismissed from work (laid-off). The member will receive an equivalent of 50 percent of his/her average monthly salary credit for a maximum of two months. It can only be claimed once every 3 years.
Here's the updated table of contributions, effective April 1:
— Sally, The Summit Express
Following the passing of the SSS Rationalization Act, several changes were made for this year's SSS contributions. SSS members and their employers will notice that they will now be contributing 12% from the current 11% monthly contribution. At least two-thirds of the contribution rate increase would be shouldered by the employer.
The increase will gradually continue until it reaches 15 percent by 2025. The new SSS Act also provides the gradual adjustment of the minimum and maximum monthly salary credit.
With the new table of contributions, it has increased the highest monthly salary credit to P20,000 from the current P16,000. The P20,000 month salary credit is for those with compensation of P19,750 and above.
For the “Self-employed, Voluntary, Non-Working Spouse,” those with P2,000 monthly salary credit shall contribute P240 while those with the maximum monthly credit (P20,000) will contribute P2,400.
For the “Employed” members, their employers will shoulder 68% of their contributions. Only the remaining 32% will be from the employee. For a monthly credit of P2,000, the total contribution would be P250.
For the “Household Employers and Kasambahay,” the employers will shoulder the full monthly contribution of those kasambahay who receive 4,999 and below monthly compensation. For a monthly salary credit of P1,000, the monthly contribution to be paid by the employer would be P130.
Under the new law, it also requires overseas Filipino workers (OFWs) to become SSS members. They will be assured of social security protection as long as they are not over 60 years of age.
For OFWs, their minimum monthly salary credit is pegged at P8,000. The lowest monthly contribution is at P960.
The new SSS law was made to ensure the security of the pension fund and to fund for the new benefits, including the additional P1,000 pension benefit promised by President Duterte.
It will also provide an “unemployment insurance” for members who were involuntarily dismissed from work (laid-off). The member will receive an equivalent of 50 percent of his/her average monthly salary credit for a maximum of two months. It can only be claimed once every 3 years.
Here's the updated table of contributions, effective April 1:
— Sally, The Summit Express
