How is SSS contribution calculated 2016?
According to SSS.gov.ph, the rates of contributions are based on the compensation of the members. Currently, the rate is 11% of the monthly salary credit NOT exceeding P16,000 is being shared by the employer (7.37%) and the employee (3.63%).
How much is the SSS contribution in the Philippines?
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 much is the new SSS contribution?
New SSS Contributions Table effective January 2021. In pursuant to Republic Act No. 11199 or the Social Security Act of 2018, SSS contribution was increased to 13%, a 1% increase from the previous rate.
How much is SSS voluntary contribution 2021?
Effective January 2021, SSS has increased its contribution rate from 12 percent to 13 percent and adjusted the monthly salary credits (MSC) for members to P3,000 as minimum and P25,000 as maximum. This is equivalent to a monthly contribution of P390/month or P3,250/month, respectively.
Did SSS increase contribution 2021?
A one-percent contribution increase is imposed on SSS members every two years beginning 2019 until 2025, based on RA 11199. Meaning, the SSS members’ contribution rate will increase to 13 percent beginning January 2021 from a contribution rate of 12 percent in 2020.
How can I get my SSS PRN number by text?
But first, you’ll need to register by texting SSS REG to 2600. For example: SSS REG 0529310429 07/20/1990. To get your SSS payment reference number, text SSS PRN to 2600. For example: SSS PRN 0529310429 1234 07/20/1990.
What is the new schedule of SSS contribution table 2020-033?
Check it out On December 7, 2020 and later on revised on December 22, 2020, the Social Security System (SSS) has issued SSS Circular No. 2020-033 & SSS Circular No. 2020-033-b as a notice to all Employers and Employees regarding the New Schedule of SSS Contribution Table effective January 2021.
Does MPM payroll support the new SSS contribution table for 2021?
Our MPM Payroll software can compute with the newest contribution tables including the new SSS contribution table for 2021 so you dont have to monitor these changes again in the future. More about MPM Payroll.
What is the current SSS contribution rate?
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.
Who pays the EC contribution in SSS 2021?
The EC contribution is solely paid by the employer, except for Self-Employed which is paid by the self-employed member. 5. Mandatory Provident Fund. Beginning January 2021, all SSS members receiving monthly compensation of at least P20,000 are required to pay the mandatory Provident Fund contribution.