Thursday, March 30, 2023

SSS NEW CONTRIBUTION RATE: Announcement Over Advance Contributions

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Announcement Over Advance Contributions Prior to the Release of SSS New Contribution Rate

SSS NEW CONTRIBUTION RATE – Here is an announcement of the Social Security System (SSS) over the advance contributions made prior to the release of the new rate.

Recently, following the Social Security Act of 2018 gaining the approval of President Rodrigo Roa Duterte, a new SSS Contribution Rate 2019 table was released.

The said act seeks the increase of the monthly contribution rate to 12%, the minimum Monthly Salary Credit (MSC) to Php 2,000.00, and the maximum MSC to Php 20,000.00.

The changes will affect the contribution of employers, employees, self-employed, voluntary, and non-working spouse members of the SSS. Most of its members are employees of the private sectors.

SSS New Contribution Rate

Based on the official announcement of the social insurance program, the SSS new contribution rate is set to be implemented starting April 2019.

With regards to the advance contributions or those made prior to the release of the SSS new contribution rate, here is the statement of the social insurance program:

  • Those with advance payments at the minimum of MSC of Php 1,000.00 shall settle underpayments amounting to Php 130.00 per month (Php 75.00 per month for those who paid at Php 1,500.00 MSC) to retain the posting of those contributions but now at the new minimum MSC of Php 2,000.00; otherwise, such advance payment shall be deemed as ineffective contributions; and
  • Those with advance payments at an MSC other than the minimum of Php 1,000.00 and Php 1,500.00 may opt to pay the corresponding increase in contributions to retain posting at the same MSC; otherwise, such payment shall be posted at the applicable lower MSC.

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