How much is SSS contribution per month?
If you are employed, the current SSS contribution rate is 12% of your monthly salary credit (MSC) not lower than P2,000 and not exceeding P20,000, and this is being shared by you (employee) and your employer at 4% and 8%, respectively.
How is SSS employee contribution calculated?
How to Calculate Your SSS Contribution
- The current SSS contribution rate is 13% of the monthly salary credit not exceeding P25,000 and this is being shared by the employer (8.50%) and the employee (4.50%).
- For instance, a person earning Php10,000 will have a contribution of Php1,310.00.
- Out of this amount, only Php450.
How much is the maximum SSS contribution?
₱25,000
These are the notable changes on 2021 SSS Contributions: Maximum Monthly Salary Credit (MSC), has been lifted up to ₱25,000. This is the maximum cap of your salary, if it’s more than this, your contribution will just be based on this maximum range. The Minumum MSC is set to ₱3,000.
How do I know my SSS monthly salary credit?
Using the SSS contribution table as above, here are the steps to figure out how much your monthly contribution is.
- On the leftmost column (“Range of Compensation”), find the range where your declared monthly income falls.
- Find your corresponding MSC on the rightmost column of the “Monthly Salary Credit” section.
How is monthly salary credit calculated?
The Average Monthly Salary Credit is computed by “dividing the sum of the last sixty (60) monthly salary credits immediately preceding the semester of contingency by sixty (60), or the result obtained by dividing the sum of all the monthly salary credits paid prior to the semester of contingency by the number of …
How much is the SSS contribution for voluntary member?
The new SSS Contribution table for voluntary and non-working spouse has been updated this 2021. It’s current minimum compensation range is set to ₱3,250 with a total contribution of ₱390. Meanwhile, the maximum compensation range is pinned at ₱24,750 with a total contribution of ₱3,250.
How do you calculate employee contributions?
The employee contributes 12 percent of his or her basic salary along with the Dearness Allowance every month to the EPF account. For example: If the basic salary is Rs. 15,000 per month, the employee contribution shall be 12 % of 15000, which comes to Rs 1800/-. This amount is the employee contribution.
Is 13th month pay subject to SSS contribution?
This means that the 13th Month Pay benefit should not be credited as part of the employee’s regular wage when computing overtime, premium pay, fringe benefits or premium contributions to any of the three mandatory government agencies – SSS, Pag-IBIG and PhilHealth.
How many years do I have to pay SSS?
Member must have paid at least 120 monthly contributions prior to the semester of retirement and is any of the following, whichever is applicable: at least 60 years old and separated from employment or has ceased to be an SE/OFW/Household Helper (optional retirement);
How much is the SSS contribution 2021?
Under Republic Act No. 11199, otherwise known as the Social Security Act of 2018, which was signed in February 2019, the Social Security System (SSS) implemented a contribution rate hike from the current 12% to 13%, and issued the new schedule of contributions for employers and employees effective 1 January 2021.
What will happen to my SSS contribution if I stop paying?
Once you become an SSS member, you’re covered for life even if you miss your monthly payments. There’s no penalty for individual members who fail to pay their contribution for a certain period. However, the SSS doesn’t allow members to make retroactive payments just so they qualify for a loan or benefit.
What will happen if you skip SSS contribution?
There’s no penalty for individual members who fail to pay their contribution for a certain period. However, the SSS doesn’t allow members to make retroactive payments just so they qualify for a loan or benefit. You can only continue paying for the succeeding months or in advance, but never for the past unpaid months.
How much will the SSS increase your monthly contribution?
With the recent increase in SSS monthly contributions, SSS President Emilio de Quiros said during an interview with ANC, that they plan to hike the monthly salary credit ceiling from P15,000 to P16,000. Pension will also go up more than P13,000 from the current P12,000 and burial benefits will increase from P30,000 to P40,000.
What is the SSS monthly contribution for voluntary members and spouses?
SSS Monthly Contribution for Voluntary Members and Spouses. Below are the SSS monthly table of contributions schedule starting January 2021 for Voluntary Members and non-working spouses: For Voluntary Members/Non-Working Spouses, the minimum and maximum total monthly contributions are PHP 400 and PHP 3,280, respectively.
What is the wisp contribution under SSS?
SSS Provident Fund called WISP benefits include total disability, death, and retirement pensions ON TOP of these benefits under the regular SSS program. WISP contributions are shared by the employee and employer. Self-Employed, Voluntary and OFW-members shoulder WISP contributions on their own.
How to use the SSS table?
This SSS table can be used by individual members when checking their contributions posted online. Moreover, we can refer to the table’s monthly salary credit (MSC) based on our salary bracket, to determine the loans and benefits that we can avail from SSS.