The Social Security System is a government-run organization which aims to provide social insurance for workers in the private, professional and informal sector.
Its main objective is to provide for a replacement of income lost on account of aforementioned contingencies. Packaged benefits under the program covers the following;
Social Security Program
- Sickness
- Maternity
- Disability
- Retirement
- Death
- Funeral
This just shows the importance of being an SSS member.
SSS Rate of contribution
For employed members.The monthly contribution is based on the salary compensation of the members. The current contribution rate is 11% of the monthly salary credit but not exceeding P16,000. The contribution is being shared by the employer and employee, wherein the employer is mandated to pay 7.37%, while the employee shoulders the 3.67% of the monthly amount of contribution.
For Self-employed and Voluntary members, they have to pay the 11% of the monthly salary credit(MSC) based on the previous monthly earnings declare at the time of registration.
For OFW, P5,000 is the minimum monthly salary credit as basis for the computation of its contribution, however he has the option to select a higher MSC to his advantage.
For non-working spouse, computation is based on 50% of the working spouse last posted monthly salary credit but not lower than P1,000.
SSS schedule of contribution
Employed members
As an active member, you have to be aware of your payment deadline so as to avoid incurring penalties. This is applicable to membership contribution and loans.
Your employer has to pay contributions and member loans monthly in accordance with the prescribed schedule of payments, based on the 10th digit of the Employer’s ID Number. The employer has to pay in schedule to avoid penalties and delays in the processing of a members benefit and loans.
Self-employed and Voluntary members
A self-employed or a voluntary member, the prescribed payment schedule is the same, based on the 10th last digit of the SE/VM SS number. Members have the option to remit contribution on a monthly or quarterly basis. A quarter here refers to three (3) consecutive months ending on the last day of March, June, September and December.
Overseas Filipino Workers
Payments for contribution covering January to December maybe paid within the year, however contributions for October to December maybe paid on or before January 31st of the succeeding year.
Due dates of Loan Payments
Members should pay their loans in accordance with the prescribed schedule of payments, based on the 10th digit of the SS ID number.