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These are the notable changes on 2024 SSS Contributions: Maximum Monthly Salary Credit (MSC), has been lifted up to ₱29,750. This is the maximum cap of your salary, if it's more than this, your contribution will just be based on this maximum range. The Minumum MSC is set to ₱4,250.
Social Security (SS) FOURTEEN PERCENT (14%) of the monthly salary credit (MSC) not exceeding P30,000, and paid by both employer (9.5%) and employee (4.5%), effective January 1, 2023.
8 kwi 2023 · For employers and employees, here’s how to determine the monthly contribution using the new SSS contribution table: 1. 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.
Self-employed members pay the full 14% contribution rate plus the additional EC contribution of ₱30 for MSCs of ₱15,000 and above [1]. The new contribution table aims to provide higher benefits to SSS members while ensuring the long-term sustainability of the social security system in the Philippines [1] [2]. What is the SSS Contribution Table?
Salary Bracket: Contributions are based on a member's monthly salary bracket. As the salary increases, the corresponding contribution also rises. Employee-Employer Share: The SSS Tax Table specifies the percentage of the contribution shared between the employee and the employer.
This is the new 2023 SSS contribution table for employers and employees effective January 2023. Also available in excel file.
29 wrz 2023 · Based on the SSS contribution table below, your employer pays ₱997.50 while you (the employee) pay ₱472.50 for a total monthly contribution of ₱1,470.00. The total contribution includes a small payment to the Employee Compensation Program, which is ₱10.00 for an MSC of up to ₱14,500, and ₱30 for an MSC of ₱15,000 or more.
