Update on SSS Monthly Contribution Rate Rules Under the Law
SSS MONTHLY CONTRIBUTION RATE – The monthly contribution to the Social Security System (SSS) is set to increase starting January 2021.
A lot of people are members of the Social Security System or more commonly called as SSS. It is one of the biggest social insurance institutions in the Philippines.
Most members of SSS are working individuals who are employed in private companies. There are also some SSS members who are now employed in government institutions or already running a business but have kept their accounts updated.
Every month, SSS members remit a part of their salary to the social insurance institution. The SSS monthly contribution rate will depend on the monthly wage of the member.
Accumulated contributions to SSS qualifies a member to the SSS benefits, SSS loans, and other services. It is something you can turn to in times of sickness, calamity, and other financial emergencies.
Under the law, the SSS monthly contribution rate is set to increase in January 2021. It is set for a 1% increase.
- For example, for a minimum wage earner, the monthly contribution will increase from Php 1,480.00 to Php 1,620.00.
However, currently, there are a lot of people asking for the delay of the increase on the SSS monthly contribution rate set this January 2021. It is due to the COVID-19 pandemic.
A lot of people lost their jobs and source of income amid the crisis. Also, strong typhoons that left many families homeless have recently taken place. The social insurance institution is one of those agencies who are quick to respond to the recent incidents.
read also: SSS Calamity Loan Package Now Open for Typhoon Victim Members
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