Take note that among members who are under the Formal Economy, only employees in the private sector with MSC of over Php 20,000 are qualified for WISP. 2020 Campaign 12/30/20, 18:32. He is a retired police officer who headed the Wondering why—in this digital age—the entire process of remitting contribution can’t be fully online? The corresponding premium percentage is capped at a salary ceiling of ₱60,000 in 2020, increasing up to ₱100,000 by 2024 and onwards. – At least 36 posted monthly contributions before the semester of member’s death, for the beneficiaries to receive a monthly pension. Employee’s share: Php 20,000 x 0.045 (4.5% contribution rate) = Php 900, Employer’s share: Php 20,000 x 0.085 (8.5% contribution rate) = Php 1,700 (plus Php 30 for the EC contribution), Total contribution: Php 900 + Php 1,730 = Php 2,430. 2. Another way to compute the monthly contribution is to use this formula: = Php 1,700 (plus Php 30 for the EC contribution). Jumer’s features more than 870 slots and 25 table games, as well as a live poker room, high-limit slot area and a VIP lounge. a. For land-based OFWs who are working in countries without bilateral labor agreement with the Philippines, the whole contribution will be paid by the OFW to the SSS. The new law has also increased the minimum MSC from Php 2,000 in 2020 to Php 3,000 in 2021. Why is my latest payment not posted yet? Based on the formula above, your monthly contribution is Php 1,300 (Php 10,000 x 0.13). *The contribution of the Non-Working Spouse shall be based on fifty percent (50%) of the Monthly Salary Credit (MSC) of his/her working spouse. Another way to compute the monthly contribution is to use this formula: MSC x Contribution Rate. The contribution rate to the SSS Fund is P2,400 monthly. The SSS doesn’t allow paying the contribution for the first time as a voluntary member without being registered before as an employed, self-employed, or OFW member. Another advantage of making advance payments is that you need only one PRN for the months or years you’ll pay ahead for. – At least three posted monthly contributions within 12 months before the semester of sickness, injury, childbirth, or miscarriage. All materials contained on this site are protected by the Republic of the Phlippines copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of filipiknow.net or in the case of third party materials, the owner of that content. I’ve stopped my SSS contribution payment. Househelp who are earning P7,750 to P8,249.99, the contribution share of the employer is P640 and the contribution ng kasambahay mismo is P320. Should I convert to self-employed/voluntary/OFW/non-working spouse to start paying contribution on my own? What should I do? For example, a private employee with a maximum MSC of Php 25,000 is required to remit a total of Php 650 a month for his WISP account–Php 225 from his own salary and Php 425 shouldered by his employer. – The Social Security Law defines the MSC as. Related: How to Change, Correct, or Update Your SSS Membership Data. Will my payment be accepted without it? My employer is not paying my SSS contributions. Filed Under: Govt Services, SSS Tagged With: 2019 SSS Premiums, OFW SSS Contribution, Seaman SSS contribution, SSS Contribution Increase April 2019, SSS contribution rate, SSS New Contribution, SSS TABLE OF CONTRIBUTION 2019. Based on the formula above, your monthly contribution is Php 1,300, For example, if your spouse earns Php 3,500 per month, 50% of his/her MSC (Php 3,500) is Php 1,750 (which is below the minimum MSC of Php 3,000). Employee’s share: Php 5,000 x 0.045 (4.5% contribution rate) = Php 225, Employer’s share: Php 5,000 x 0.085 (8.5% contribution rate) = Php 425 (plus Php 10 for the EC contribution), Total contribution: Php 225 + Php 425 + Php 10 = Php 660. But this will also increase your SSS benefits since they’re computed based on a higher MSC. Lines are shorter at non-bank collecting partners, but posting can take longer. For example, if your income is in the range of Php 19,750 and Php 20,249.99, your MSC is Php 20,000. Then, determine your monthly contribution using the following formula: 1/2 of your spouse’s MSC x Contribution Rate (13% for 2021) = Monthly Contribution Amount. Will my payment be accepted without it? We use cookies to ensure that we give you the best experience on our website. The SSS governing board has approved contribution increase for its members. 1. While it’s difficult to adjust to big changes, you can arm yourself with knowledge so you won’t waste time and effort when dealing with your SSS contributions. For those SE/VOLUNTARY/NON-WORKING SPOUSE with compensation range from P19,750 and above, the update SSS contribution beginning April 2019 is P2,400. Determine your spouse’s MSC. Contact Us.Privacy Policy.Disclosure. Now, if the additional P1,000 pension increase happens this 2019 without any contribution increase, then the SSS fund life will be in a precarious situation, it’ll be further shorten. How and where can I pay my SSS contributions? Gcash versus Savemore Money Transfer, 10 Steps to Enroll Bank Account or eWallet in SSS DAEM, How To Update SSS Member’s Records – Requirements and Tips for Dropbox Submission, How to Notify SSS for Maternity – Guide with screenshots of the process, How To Access PhilHealth MDR and Posted Contributions via Online Portal, Open BPI ATM Account – Requirements, Initial Deposit, Maintaining Balance, Requesting PLDT for Bill Adjustment or “Rebate” Due To No Service. Always check if your records are correct and updated. This change will affect SSS members except for Kasambahay and Overseas Filipino Workers whose minimum MSC will remain at Php 1,000 and Php 8,000, respectively. But nothing can be done since premium increase will be implemented starting next month. This way, you won’t be tempted to spend your money on unnecessary expenses. Try the Pag IBIG MP2 program, a special savings scheme that gives higher returns than ordinary banks. Those are the birth pains of the implementation of the new Social Security Law and an SSS program for the real-time posting of contributions. What happens if I miss a payment deadline? The SSS governing board has approved contribution increase for its members. Because of the pension increase championed by President Duterte, the SSS fund life was slashed by approximately 10 years. Government employees are exempted and therefore won’t have salary deductions for WISP. 3. I’ve stopped my SSS contribution payment. 2a. Therefore, its imperative that you submit the required forms and documents to change incorrect details in your personal data while you’re still not availing of any benefits. Find your corresponding MSC on the “Monthly Salary Credit” column. Updating the contact information in your SSS records allows you to receive not only a PRN every quarter but also notifications and reminders from the SSS. Practically speaking, you can pay only what you can afford per month. 3. link to How to Renew Philippine Passport in Kuwait: An Ultimate Guide, link to How to Invest in Pag-IBIG MP2 Program: An Ultimate Guide, SSS Online Registration Guide: 4 Easy Steps. Paying SSS contributions manually is such a big hassle! Save my name and email in this browser for the next time I comment. For example, if your husband’s income is in the range of Php 19,750 and Php 20,249.99, his MSC is Php 20,000. Let’s say your MSC is Php 20,000 and the contribution rate is 13% (premium rate for 2021), here’s how to compute your contribution as a self-employed member: This is not the final computation though. If you are earning P9,750 to P10,249.99, your MSC is P10,000. For example, if your spouse earns Php 3,500 per month, 50% of his/her MSC (Php 3,500) is Php 1,750 (which is below the minimum MSC of Php 3,000). You’ll automatically become a member as soon as your first payment (for both WISP and your regular contributions) is posted beginning January 2021. Click to get the latest Buzzing content. Republic Act No. This change will affect SSS members except for Kasambahay and Overseas Filipino Workers whose minimum MSC will remain at Php 1,000 and Php 8,000, respectively. How and where can I pay my SSS contributions? This is a scary possibility for future retirees if nothing is done today. If you’re an employee: Find your monthly deduction for SSS contribution on the EE column corresponding to your MSC. 2b. To avoid wasting time in long lines, pay contribution on an early weekday morning when fewer people are transacting, and you’re likely to be among the first in line. 4. My name is Leonora working here in Canada. However, you’ll realize its value when you’re sick, injured, laid off, short of cash, or retiring. From 3% for the year 2020, the premium will continue to increase yearly up to 5% until 2025. Taking the example above (MSC of Php 3,500), there should be no salary deduction for SSS contribution since your employer shoulders your entire contribution. Therefore, your monthly contribution is Php 390 (13% of Php 3,000). Your SSS contribution share is P600, while your employer’s share is P1,200, for a total of P1,800. I did it online generate a PRN and choose Voluntary then I paid my contribution but as i checked online my payment reflected but my status is still employed and not voluntary. As defined by SSS, you’re considered a self-employed member if you’re involved in a trade, business, or occupation wherein you are your own boss. For example, if the kasambahay‘s monthly salary is Php 3,500 (the current minimum wage in Metro Manila), his/her MSC is Php 3,500. *Again, the new contribution rate is 12%. 13. 11. If you remember, SSS increased the monthly pension of qualified members last January 2017 by P1,000 and another P1,000 increase is projected to be given this 2019. You may not alter or remove any trademark, copyright or other notice from copies of the content. […], Your email address will not be published. Tap the My Information icon > Update Information > Contact Details. ASAP. Recently, SSS announced that self-employed members can now register to the employees’ compensation (EC) program4 just like their counterparts in the formal economy sector. Or is a PRN used in all payments? Find your contribution amount by using this formula: Let’s say your MSC is Php 20,000 and the contribution rate is 13% (for 2021). Your email address will not be published. For employers and employees, here’s how to determine the monthly contribution using the new SSS contribution table: 1. 14. Can I continue paying now? For a total SSS contribution of P960 per month. This is the amount the employer must remit to the SSS, which is posted on the employee’s SSS account after payment. How to update your contact information via My.SSS. If 50% of your spouse’s MSC doesn’t correspond to any MSC in the SSS contribution table, base your contribution on the next higher MSC. Frustrated with the late posting of your payments when it’s supposed to be instant? Ang babayaran mo monthly ay P80, habang ang employer mo ay magbabayad ng halagang P160. For example, if you’ll pay one year in advance, you’ll get a PRN and transact only once instead of getting 12 PRNs and transacting 12 times in a year. Here’s how: 1. The Social Security System or SSS which oversees the pension plan for the private sector will impose a higher contribution rate for its members, from the existing 11% to 12% effective April 1, 2019. Using the same example, if your MSC is Php 20,000, your employer should deduct Php 900 from your monthly salary. Required fields are marked *. However, be ready to wait up to 3-4 hours in line when you visit the branch during a busy time. Edit your landline number, mobile number, and/or email address. For voluntary members, self-employed and non-working spouse, these are the SSS contribution depending on MSC. Now, we are here with the SSS increase of contribution effective April 2019. Pension increase is a win for SSS pensioners but it’s a burden to current active members. This could have been avoided had they updated their records with SSS the first time they discovered such discrepancy5. The WISP is a tax-free retirement savings plan3 which will serve as a supplement to your SSS pension benefits. 1. In case the fifty percent (50%) of the working spouse’s declared monthly income does not correspond to any MSC in the Contribution Schedule, the immediately higher MSC shall be the basis. Should I get a new PRN each time I pay a contribution? 3. I just want to ask if you know the address of Loyola Preened plan office as I wanted to send by mail my matured Timeplan. To know the total monthly contribution, look for the amount on the rightmost column. But if you’re earning Php 5,000 monthly, for example, your employer should deduct Php 225 (Php 5,000 x 0.045) from your salary and remit it to the SSS along with your employer’s share. For 2021, the minimum MSC for OFW members remains at 8,000. CHARLOTTETOWN — First Nations groups and Charlottetown city council are at odds over how to deal with a statue of Canada's first prime minister. The SSS doesn’t allow paying the contribution for the first time as a voluntary member without being registered before as an employed, self-employed, or OFW member. Using the SSS contribution table for household employers and kasambahay, here’s how to compute your monthly contribution: 1. If you’re an employer: Find your share of contribution for a particular employee on the ER column corresponding to the employee’s MSC. How to Apply for SSS Unemployment Benefit: An Ultimate Guide. What happens if I miss a payment deadline? To qualify for an SSS benefit or loan, members must meet these requirements: The amount that members remit to the SSS depends on two factors: Before you begin computing your contribution, understand first the key changes to the SSS Contribution Schedule following the Social Security Act of 2018 implementation. FilipiKnow is a portmanteau of two words: "Filipino" and "knowledge." How do I correct a wrong amount posted on my account? Panfilo "Ping" Morena Lacson Sr. (born June 1, 1948) is a Filipino senator who served from 2001–2013 and again from 2016–present. Related: How to Get Overseas Employment Certificate (OEC) Through BM Online. If you wish to use filipiknow.net content for commercial purposes, such as for content syndication etc., please contact us at [email protected], Pingback: How to Get LTO Driver's License in 2021: Application and Requirements, Pingback: How to Get UMID ID in the Philippines: 2021 Updated Guide. So you can pay in advance, edit your applicable period accordingly before generating a PRN on the My.SSS portal. This news affects you, be in the know. This news affects you, be in the know. Copyright iSensey Publishing. Submit your accomplished Form E-4 to any SSS branch. This is the amount the employer must remit to the SSS, which is posted on the kasambahay‘s SSS account after payment. If you can afford it, like when you get a bonus or commission, pay your contribution in advance. How To Compute SSS Maternity Benefit – iSensey, 3 Ways to Change SSS Status from Employed to Voluntary – iSensey, Which Western Union Agent Gives Better Rates for Remittance? Thank You and have a good day. Fast Personal Loan approval. Here’s everything you need to know about computing your SSS contribution. Voluntary Members, Self-Employed, Non-Working Spouse. For kasambahay or househelp who are earning P5,000 and above, may share ka na sa contribution. 3. For an employee with an MSC of Php 20,000, the total monthly contribution is Php 2,630 (Php 900 employee’s share + Php 1,730 employer’s share with EC contribution). Should I get a new PRN each time I pay a contribution? For house helpers with a monthly salary below Php 5,000, the Kasambahay Law requires household employers to pay the full monthly contribution. Not only the SSS contribution rate will increase … While you’re still earning income, it’s good to build your financial safety net for retirement by paying SSS contribution consistently. 2. All employees, self-employed individuals, non-working spouse, and OFWs up to age 60 with an existing SSS number can pay their SSS contribution to begin or continue their coverage. Take A Sneak Peak At The Movies Coming Out This Week (8/12) “Look for the helpers” – Celebrities helping out amid Texas storm Also, the SSS uses the total number and total amount of paid contributions as the basis for granting and computing a member’s benefit. Venus Zoleta is an experienced writer and editor for over 10 years, covering topics on personal finance, travel, government services, and digital marketing. 3. Can I change the amount of SSS contribution I’m paying? This guide provides a rundown of the procedures and requirements for Philippine passport renewal in Kuwait. 3. Choose this payment channel if you’re trying to save time, and when there’s no immediate need to apply for an SSS benefit or loan. How long will it reflect the updated status? Update your contact details with the SSS. Use the table above to find out your monthly contribution as a non-working spouse. On the leftmost column (“Range of Compensation”), find the range where the current monthly income falls and its corresponding MSC on the Monthly Salary Credit column. Taking the example above (MSC of Php 3,500), there should be no salary deduction for SSS contribution since your employer shoulders your entire contribution. Meanwhile, a non-working spouse’s monthly contribution is based on 50% of his/her working spouse’s MSC. Lines are perpetually long in major banks like BPI at any time of the day. c. How to update your contact information at an SSS branch. Here’s everything you need to know about computing your SSS contribution using the latest SSS contribution tables. Related: How to Apply for SSS Unemployment Benefit: An Ultimate Guide. – At least 120 posted monthly contributions before the semester of retirement to receive a monthly pension. Are you a member of SSS? If you know the amount of contribution you […], […] your SSS monthly contributions so you will qualify for the various benefits. Your email address will not be published. Find your monthly deduction for SSS contribution on the EE column corresponding to your MSC. Amenities include a 205-room hotel with an indoor pool and fitness center, events center with meeting rooms for up to 600 people, four restaurants, a sports bar, aqua driving range and lakeside fire pit. Sorry, your blog cannot share posts by email. Likewise, the maximum MSC will increase from Php 20,000 in 2020 to Php 25,000 in 2021. To make sure that the fund can sustain future SSS pensioners, a contribution increase is needed asap. 10. Especially if you’re on a limited budget, your monthly SSS contribution seems like an added expense. Increase your chances with 20+ banks and lenders. As with regular contributions, a significant percentage of the employee’s monthly WISP contribution will be shouldered by the employer. Again, if seaman ang OFW or landbased who are working in countries with bilateral agreement with our country, the employer has a share in contribution. How can I view or check my SSS contributions? We would like to show you a description here but the site won’t allow us. For example, if the, Find your share of contribution on the ER column corresponding to your. To know the total monthly contribution, look for the amount on the rightmost column. 11199, otherwise known as the Social Security Act of 2018. The maximum MSC is P20,000 this is for those private sectors employees who are earning P19,750 and above. When she's not working, Venus bonds with her pet cats and binges on Korean dramas and Pinoy rom-coms. On the leftmost column (“Range of Compensation”), find your salary bracket. Take A Sneak Peak At The Movies Coming Out This Week (8/12) “Look for the helpers” – Celebrities helping out amid Texas storm; New Movie Releases This Weekend: February 19th – February 21st Want to grow your money? The Social Security System or SSS which oversees the pension plan for the private sector will impose a higher contribution rate for its members, from the existing 11% to 12% effective April 1, 2019. As low … On the leftmost column (“Range of Compensation”), find the salary bracket where the current monthly income falls and its corresponding Monthly Salary Credit (MSC) on the “Total” column. Ultimately, the SSS contribution hike will extend the SSS fund life, which raises your chance of receiving retirement benefits in the future.
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