New SSS Contribution Schedule Released
Jan 1, 2014
The new SSS Contribution table, as per approval by President Benigno Aquino III, will take effect this January 2014. The new SSS contribution table has a 0.6% increase in rate from its previous 10.4% of one's salary.
Employers (ER) are expected to shoulder 7.37% of the contribution rate, while the employee (EE) 3.63% of it.
Meanwhile, Self-Employed, Voluntary and OFW members who have already made payments for their contributions for January 2014 onwards are advised to do the following:
-Those with advance payments at the minimum monthly salary credit (MSC) of Php 1,000 (Php 5,000 for OFW members) shall settle an underpayment amounting to Php 6.00 per month (Php 30.00 for OFW members). Failure to pay the lacking amount will result to ineffectivity of the contrbutions.
-Those with the advance payments at an MSC other than the minimummay opt to pay the corresponding increase in contributions to retain postings at the same MSC. Otherwise, such advance payment shall be posted at the applicable lower MSC.
To see the Contribution Table for Self-Employed, Voluntary and OFW members, click here.