Is SSS contribution based on gross pay?
Note: When you create an employee his SSS and Philhealth Contributions will default to Based on Gross Income. His HDMF Contribution will default to Based on Basic Income.
How much is SSS contribution per month?
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.
How is monthly salary credit calculated?
Add the 6 highest monthly salary credits to get the total monthly salary credit. If you have only 3 or 4 or 5 contributions within those 12 months prior to your semester of contingency then only add the monthly salary credit within those months available.
How much is the maximum contribution in SSS?
For employers and employees contributing at the maximum MSC of ₱25,000, the additional amount for the monthly SSS contribution will increase by ₱850, with ₱325 coming from EE, and ₱525 from the ER Page 6 SSSPh PHLSSS MYSSSPH MySSSPhilippines MYSSSPH Updates SSSPh PHLSSS MYSSSPH MySSSPhilippines MYSSSPH Updates IMPACT …
What is the maximum contribution in SSS?
Can I pay previous months in SSS?
To the Self-employed Person and Voluntary Member 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.
How is SSS contribution of employee 2020 calculated?
How to Calculate Your SSS Contribution
- The current SSS contribution rate is 13% of the monthly salary credit not exceeding P25,000 and this is being shared by the employer (8.50%) and the employee (4.50%).
- For instance, a person earning Php10,000 will have a contribution of Php1,310.00.
- Out of this amount, only Php450.
How much is the first loan in SSS?
Another simple computation to look at would be, if you have posted 36 monthly contributions, of which six has been within the last 12 months before submitting your application, you can loan up to PHP 15,000 or a one-month salary loan. This is also the usual amount that first-time borrowers can receive (minus taxes).
Can SSS contribution be withdrawn?
However, once you become a covered SSS member, you become a member for life. The contributions that you remit become savings for the future that will serve as basis for the granting of social security benefits in times of contingencies. Membership cannot be withdrawn and contributions paid cannot refunded.
How many years should I pay SSS contribution?
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 is the current contribution rate for SSS?
Monthly contributions to SSS are based on the compensation of members (see table below). The current SSS contribution rate is 13% of the monthly salary credit not exceeding P25,000 and this is being shared by the employer (8.50%) and the employee (4.50%).
How to compute for SSS contribution – sprout solutions?
The SSS monthly contribution is P450.00 as found under SS-EE share. Aside from this, it is also advisable to know the employer’s contribution. Going back to the SSS Table, simply look for SS-ER for the same monthly salary credit range which amounts to P850.00, while SS-EC share will be P10.00.
Where do I find SSS contribution for my MSc?
If you’re an employee: Find your monthly deduction for SSS contribution on the EE column corresponding to your MSC. Using the same example, if your MSC is Php 20,000, your employer should deduct Php 900 from your monthly salary. 3. To know the total monthly contribution, look for the amount on the rightmost column.
Is there a calculator for Social Security Contributions?
As a member of Social Security System (SSS), this SSS Contribution Calculator will help conveniently compute your monthly contribution. The calculator uses the latest SSS Contribution Table 2021 for the computation. We are currently limited to computing the contribution for employed members only.