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The SSS contribution table of 2024 is important for the agency and its members. Each year, the Social Security System (SSS) publishes an updated contribution table, which serves as the basis for calculating the contributions of its members. The guide ensures necessary funds are met to provide the necessary benefits. Thus, knowing your contributions, deadlines, and online payments is a must.
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Responsibilities and Contribution to SSS
Any employers within the Philippines should be responsible for paying contributions to the Social Security System on their employees’ behalf, as part of their working benefit. Additionally, this ensures complete SSS postings and securing entitlements to the necessary benefits for employees at a specific time it is needed.
The SSS established payment deadlines for these contributions based on a member’s SSS number. However, in 2023, the agency will now encourage any member to submit payments on the last day of the month or quarter.
2024 SSS Contribution Table For Self-Employed Members
The SSS contribution table below is for individuals who are self-employed professionals or freelancers. This table helps these specific members understand their obligations to the Social Security System. Furthermore, like members employed in organizations, self-employed individuals must also pay monthly contributions based on their income.
Any freelancers or self-employed individuals within the country can use the table below to determine how much their contribution is. Understanding the fine details of the information is crucial in meeting obligations as an SSS member.
Also Read: GUIDE: How to Check Your SSS Contribution
2024 SSS Contribution Table For Employers and Employees
The SSS Contribution for employees and employers can change drastically due to the influence of taxes and the competitive landscape. By the SSS Circular No. 2022-033, a new schedule of SSS contributions will be implemented effectively in January 2024.
The contribution rate for SSS will increase to 14%. Furthermore, the minimum Monthly Salary Credit will be set to PHP 4,000, and the maximum will be PHP 30,000. The updated table is listed as follows:
SSS Contribution Table For OFW Members
Overseas Filipino Workers who are based in other countries are still required to pay contributions to the Social Security System at any other member. Additionally, monthly contributions are required to be eligible for the organization’s benefits and services. The updated table for OFW Members is as follows:
Also Read: LIST: SSS Contribution Payment Options
SSS Contribution Table of 2024 For Household Employers and Kasambahay Members
Household employers and kasambahays can contribute to the SSS with their qualifications and requirements. In addition, the SSS mandates that the household employer of the members should register them with the SSS for social security benefits and protection. The updated contribution table is provided below:
What Are The Latest Changes?
As the new year begins, employees and employers look into the factors that lead to the changes in the SSS contribution rate, especially regarding members’ payment contribution deadlines. In 2023, the SSS implemented a 1% increase in the contribution rate, with the minimum monthly salary credit being adjusted from PHP 3,000 to PHP 4,000. Here are the recent changes for the SSS Contribution in 2024:
- Recent updates indicate stability with no expected change to the 14 percent contribution rate.
- Employers will continue to contribute 9.5% and retain a 4.5% share.
- The impending increase will most likely occur in the year 2025.
The SSS Contribution of 2024 has recently shown little change compared to 2023. The contribution aims to keep the long-term viability of the agency and provides members with a list of benefits.
Frequently Asked Questions About SSS Contributions
Many members have inquired the following questions below regarding the 2024 SSS contribution:
How to compute the SSS contributions in 2024?
The total contribution rate for SSS Premiums is 14% of the SSS member’s Monthly Salary Credit. Additionally, different formulas are used in computing the total contribution. For example, to calculate an employee’s contribution, simply multiply the monthly salary credit by 4.5%
How many years do you have to contribute to the SSS pension?
Members are required to pay at least 120 monthly contributions to the SSS prior to the semester of retirement. Members aged less than 65 may continue paying as a Voluntary Member to meet the necessary contribution requirements.
How much is the maximum SSS contribution for voluntary?
The compensation range for voluntary and non-working members is below PHP 4,250 to PHP 29,750. The amount of contribution can range between PHP 560 to PHP 4,200 per month.
Closing Thoughts
The SSS Contribution table facilitates employers in easily calculating their contributions without experiencing confusion or getting lost. It ensures they receive the right amount and contribute the same amount and benefits through visiting the office or checking your contribution online. In addition, employers can ensure they provide the right benefits to their employees at a specific time and condition of events.
Keep Reading: Pag-IBIG announces significant increase in contributions
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