Starting from April 2023, the revised SSS contribution table will come into effect. As per the Social Security Act of 2018, the contribution rate will be raised from 11% to 12%, and this rate will be further increased by 1% every other year until the year 2025.SSS Contribution Table 2019: Bigger and Better Benefits;
This increase in the contribution rate will not only cater to the needs of current and future retirees but will also ensure the longevity of the SSS fund.
New SSS Contribution Table 2023
This is the updated contribution rate, which used to be 11%. It is now split between the employer and employee, with the employer contributing 7.37% and the employee contributing 3.63%.
The contribution rate will increase by 1% this year, resulting in the employee’s share rising to 4%. Additionally, the Minimum Monthly Salary Credit (MSC) is now set at Php 2,000, and the maximum MSC is Php 20,000.
SSS Contribution Table for ER, EE, SE, VM, & Non-Working Spouse
revised schedule for SSS contributions will be implemented starting April 2019, affecting various categories such as employers, employees, self-employed individuals, voluntary members, and non-working spouses. As per SSS CircularThe no. 2019-005, the employee’s contribution will be increased from 3.63% to 4%.
SSS contribution table 2019 for the employed, self-employed, voluntary member, and a non-working spouse
If you earn a monthly income of Php 25,000 as an employee, your new contribution will be Php 800. This represents an increase of Php 218.7 from the previous contribution amount of Php 581.3.
SSS Contribution Table for Household Employers & Kasambahay Members
SSS has issued Circular no. 2019-006, which outlines the updated contribution schedule for household employers and members of the kasambahay program. According to the Kasambahay Law, if a kasambahay earns less than Php 5,000, their employer is responsible for paying the entire contribution.
SSS Contribution Table for OFW Members
The SSS Circular No. 2019-007 has been issued, outlining the updated contribution schedule for all overseas Filipino workers (OFWs) in compliance with the Social Security Act of 2018. The act requires all OFWs to be considered as covered employees and make contributions, with both employer and employee shares, provided that there is a bilateral labor agreement for land-based and sea-based OFWs.
SSS has recently issued Circular No. 2019-007, which outlines the updated contribution schedule for all Overseas Filipino Workers (OFWs). This is in accordance with the Social Security Act of 2018, which requires all OFWs to be covered by SSS and to contribute both employer and employee shares to the program. However, this requirement only applies if there is a bilateral labor agreement for land-based and sea-based OFWs.
Even with the alterations in the benefits, they might not be sufficient for your retirement. Everyone desires a peaceful retirement without the constant worry of where to obtain extra money each day, isn’t that true?
It’s worth considering obtaining an insurance or investment plan to assist you in attaining the life you deserve. You don’t work solely to pay your bills, so it’s crucial to learn how to secure your future too.