The Social Security System (SSS) in the Philippines is a government program designed to provide social protection to Filipino workers and their beneficiaries.
To maintain active membership and qualify for various benefits, members are required to make regular monthly contributions.
These contributions are based on the member’s Monthly Salary Credit (MSC), and the rates are periodically updated to reflect changes in the economy and social security needs.
Understanding the SSS Contribution Table
The SSS Contribution Table is an essential resource for all members.
It outlines the amount each member needs to contribute based on their salary bracket.
The table is divided into several sections that cater to different types of members, including employees, self-employed individuals, voluntary members, overseas Filipino workers (OFWs), and non-working spouses.
Each section specifies the range of monthly salaries and the corresponding contribution amounts.
Key Components of the SSS Contribution Table
- Range of Compensation:
This column shows the monthly salary range for which the contribution rate applies.
The MSC is derived from this range.
- Monthly Salary Credit (MSC):
The MSC is a specific amount assigned to each salary range.
It serves as the basis for calculating a member’s contribution and benefits.
- Regular Social Security Contribution:
This is the portion of the contribution that goes into the regular social security program.
It covers benefits such as retirement, disability, sickness, and death.
- Employees’ Compensation (EC):
This component is funded entirely by the employer and provides additional benefits for work-related injuries or illnesses. - Workers’ Investment and Savings Program (WISP):
Introduced recently, WISP is a mandatory provident fund that allows members to save and invest for the future.
Contributions to WISP are deducted along with the regular SSS contributions.
- Total Contribution:
This column shows the total contribution, including all components such as regular social security, EC, and WISP. - Employer and Employee Shares:
For employed members, the contribution is split between the employer and the employee.
The employer typically pays a larger share.
2024 SSS Contribution Rates Highlights
For 2024, the SSS has updated its contribution rates and MSCs.
Here are the key changes:
- Increased Maximum MSC:
The maximum MSC has been raised to ₱29,750.
This means that for members earning more than this amount, their contributions will be capped at this level.
- Increased Minimum MSC:
The minimum MSC is now ₱4,250.
This adjustment warrants that even those with lower salaries contribute a fair amount to the SSS, which in turn supports their future benefits.
- Mandatory Provident Fund Contributions:
A portion of the contributions now goes into the WISP, which is designed to help members build savings that can be accessed upon retirement or in case of specific emergencies.
SSS Contribution Table for Different Member Categories
The contribution table is customized for different types of SSS members:
- Employees and Employers:
For employed individuals, the contribution is shared between the employer and the employee.
The employer deducts the employee’s share from their salary and adds their share before remitting the total to the SSS.
- Self-Employed Members:
Self-employed individuals must cover the full contribution amount themselves, as they do not have an employer to share the cost.
- Overseas Filipino Workers (OFWs):
OFWs have a higher minimum MSC compared to other members.
This higher contribution is designed to provide them with adequate social security coverage despite being abroad.
- Voluntary Members and Non-Working Spouses:
These members can choose their MSC based on their financial capacity.
However, they must meet the minimum MSC to remain active and qualify for benefits.
- Household Employers and Domestic Helpers:
There are specific rules for contributions, especially for helpers earning below ₱5,000 per month.
Employers are responsible for the full contribution, but they may deduct the employee’s share from their salary.
Importance of Understanding the SSS Contribution Table
For both members and employers, understanding the SSS Contribution Table is essential:
- Members:
It is important for members to know their contribution amounts to confirm they are making the correct payments.
Regular contributions not only keep their membership active but also help maximize the benefits they can receive in the future.
- Employers:
Employers are legally obligated to deduct the correct amount from their employees’ salaries and remit it, along with their share, to the SSS on time.
Failure to do so can result in penalties and legal issues.
How Contributions Affect Benefits
The amount you contribute to the SSS directly impacts the benefits you can receive.
Higher contributions typically lead to higher benefits, including:
- Retirement Benefits:
Your pension amount is calculated based on your MSC and the number of contributions you’ve made over your working life.
Contributing the maximum MSC can significantly increase your retirement pension.
- Sickness and Maternity Benefits:
These benefits are calculated based on your average MSC over the last 12 months.
Making sure your contributions are consistent and accurate will maximize the amount you can claim.
- Disability and Death Benefits:
Similar to retirement benefits, these are calculated based on your total contributions and your MSC.
Regular contributions help secure your family’s financial future in case of unforeseen events.
Video: ✅ SSS CONTRIBUTION TABLE & SCHEDULE 2024! MAY PAGBABAGO BA? TUMAAS BA? ALAMIN | EMPLOYED SSS MEMBERS
Conclusion
The SSS Contribution Table is more than just a list of numbers.
It is an essential tool that helps members plan for their future by understanding how their contributions translate into benefits.
Whether you are an employee, self-employed, an OFW, or a voluntary member, keeping track of your contributions and understanding how they are calculated is key to maximizing the benefits you can receive from the SSS.
Always consult the latest contribution table and stay informed about any updates to maintain your membership in good standing.