How much is the contribution for SSS?

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.

Can I still pay SSS contribution late?

11199 (Social Security Law of 2018), if an employer fails to pay contributions to the SSS as prescribed, it will incur a penalty of 2 percent per month from the date the contribution falls due until paid. The SSS encourages employers and members to use online and alternative payment channels for their contributions.

What happens if you dont pay SSS?

pay all unpaid contributions plus a penalty of three percent per month; and. be held liable for a criminal offense punishable by fine and/or imprisonment.

Can I still pay SSS contribution late voluntary?

What will happen if you skip SSS contribution?

A self-employed person who fails to register with the SSS may be subjected to fines and/or imprisoned. Self-employed and voluntary members may pay their monthly contributions prospectively or in advance, but never retroactively to cover month/s when no contribution payments were remitted.

What is the minimum SSS pension?

The minimum monthly Retirement Pension is P1,200 if the member has 120 months contribution or at least ten (10) CYS; or P2,400 if with at least 20 CYS. A cash benefit granted – either as a monthly pension or a lump sum amount – to the beneficiaries of a deceased member.

How long should I 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);

What’s the current SSS contribution rate in the Philippines?

The current SSS contribution rate is 11% of the monthly salary credit not exceeding P16,000 and this is being shared by the employer (7.37%) and the employee (3.63%). Self-employed and voluntary members pay the 11% of the monthly salary credit (MSC) based on the monthly earnings declared at the time of registration.

When does the new SSS contribution table come out?

New SSS Contribution Table 2021 (with Sample Computations) The Social Security System (SSS) has finally released the contribution tables for 2021 which mandates the increase in monthly SSS contribution and changes in the Minimum and Maximum Monthly Salary Credit (MSC) effective January 2021. The increase in contributions this year is in line

What is minimum monthly SSS contribution for voluntary members?

Self-employed and voluntary members pay the 11% of the monthly salary credit (MSC) based on the monthly earnings declared at the time of registration. For OFWs, the minimum monthly salary credit is pegged at P5,000.

What are the columns in SSS contribution-ER?

This is the column “SS Contribution-ER”, the counterpart contribution of your employER (thus,”ER”). 4. EC Contribution. This represents contributions for the “Employees’ Compensation” (EC) Program which is a fund for work-connected injury, sickness, disability and death with cash income benefit, medical, rehabilitation and related services.