Guide on SSS Contribution Rate 2021 Following a 1% Increase
SSS CONTRIBUTION RATE 2021 – Here is a guide on how much you must pay for monthly a 1% increase implemented by the Social Security System (SSS).
The Social Security System or more commonly called as SSS is one of the biggest social insurance institutions in the Philippines. Most people working in the private sector are members of SSS.
SSS has a lot of benefit and loan offers for its members. Each bear a set of eligibility requirements or qualifications in applying and as well as a few documentary requirements.
To be able to avail a benefit or loan offer of SSS, a member-applicant must have an updated account with the social insurance institution. Members of the institution pay a monthly contribution depending on their salary.
For the SSS Contribution Rate 2021, a 1% increase is set for implementation. From 12%, the monthly contribution rate is now at 13%.
If you are paying under the Php 10,000.00 monthly salary credit (MSC), under the SSS Contribution Rate 2021, your monthly contribution will be at Php 1,300.00 from Php 1,200.00 under the 2020 rate.
For members of the Social Security System who are overseas Filipino workers (OFWs) in countries with a bilateral agreement with the Philippines, the additional Php 100.00 on the contribution rate will be divided equally between the member and the employer.
The same rule applies to members of SSS who are sea-based OFWs. The employer’s total share will be Php 850.00 while the member’s total share is Php 450.00.
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