How much is my contribution in SSS?
12%
If you are employed, the current SSS contribution rate is 12% of your monthly salary credit (MSC) not lower than P2,000 and not exceeding P20,000, and this is being shared by you (employee) and your employer at 4% and 8%, respectively.
Can I pay previous years in SSS?
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 can I calculate my SSS AMSC?
This means that if your Monthly Salary Credit as an employed SSS member is 20,000, multiply this number by 60 or by the number of paid monthly contributions made a semester before contingency (or two consecutive quarters before retirement). This will be your AMSC.
How much is SSS voluntary contribution 2021?
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 much is the penalty for late SSS contribution?
Under Republic Act No. 11199 (Social Security Law of 2018), if an employer fails to pay contributions to the SSS as prescribed, it will incur a penalty of 2% per month from the date the contribution falls due until paid.
What is the retirement age in SSS?
employee-members who are at least 60-64 years old and separated from employment, except for underground/surface mineworkers and racehorse jockeys; land-based overseas Filipino workers (OFWs) and Voluntary Members (VMs) who are at least 60 years old upon the date of submission of RCA; and.
What is SSS Cys?
Credited Years of Service (CYS) is the total number of years your SSS contribution is paid. One CYS is equivalent to at least 6 months worth of contributions paid in any given year.
When is the new SSS contribution table effective?
On December 7, 2020 and later on revised on December 22, 2020, the Social Security System (SSS) has issued SSS Circular No. 2020-033 & SSS Circular No. 2020-033-b as a notice to all Employers and Employees regarding the New Schedule of SSS Contribution Table effective January 2021.
Is there an Excel file for SSS contribution?
If you are computing your payroll manually or using Microsoft Excel, we created the contribution file in excel format. You may download the January 2021 SSS Contribution Table Excel File here. New SSS Contribution Effective January 2021 for Self-Employed Member, click here for the article.
What’s the maximum amount you can contribute to SSS per month?
Maximum Monthly Salary Credit (MSC) increases to P25,000; The SSS Circular No. 2020-033 was then issued to announce the new schedule of contributions for employers (ER) and employees (EE) which shall be effective, as per Social Security Commission (SSC) Resolution No.709-s.2020 dated December 17, 2020, for the applicable month of January 2021.
When does the social security contribution rate change?
Based on the circular, the SSS enacted Republic Act No. 11199, otherwise known as the Social Security Act of 2018, which includes a provision that states there will be changes to the contribution effective year 2021, as follows: Social Security (SS) contribution rate increases to 13%.