Latest SSS Contribution Table
SSS Contribution Table 2014 Download in EXCEL FILE
Good Day Philippines!!!
Did you know that we have a new SSS Contribution Table?
Yes, you heard it right!
The Philippines Social Security System (SSS) has issued a New Contribution Table which shall be implemented effective January 2014.
SE/VM/OFW members who have already paid their contributions in advance for the applicable months of January 2014 onwards based on the old contribution schedule are advised as follows:
Download (Latest) SSS Contribution Table 2014 in Excel File
The New SSS Contribution Table Effective January 2014
The new contribution table shall be implemented effective January 2014, for your guidance.
The Social Security System (SSS) just recently released the new and updated SSS Contribution Table to be use next year starting January 2014. This new SSS Contribution schedule showcases the additional 6% in the SSS Contribution rate that should equally by the Employer (ER) and the Employee (EE) who shall pay at 7.37% and 3.63% respectively.
Likewise, Self-Employed (SE), Voluntary Members (VM) and OFWs members shall pay at the total rate of 11%.
It was also noted by SSS President Emilio de Quiros in an interview that the agency will increase it’s pensions up to more than P13,000 from the current P12,000 and burial benefits will increase from P30,000 to P40,000.
Looking for the SSS Contribution Table in Excel File?
You can get the SSS Contribution Table through the download button above or below!
The New and Updated SSS Contribution Table Effective 2014
Malacañang has approved the 0.6% increase in Social Security System (SSS) members’ contribution rate. A new SSS Contribution Table will be issued once finalized.
That means Employed and Self Employed Members will notice a minimal increase in their SSS Contributions monthly. Employer will need to comply also with the changes by using the new and updated SSS Contribution Table.
The increase will take effect January 2014.
As of this writing, SSS still don’t issue the latest and updated SSS Contribution to be used for the coming 2014.
If you’re looking for the latest SSS Contribution Table, you can still use the 2013 version. You may download the SSS Contribution down below:
SSS Contribution Table 2013
The report said:
“SSS, in consultation with labor and employer groups, has proposed to increase member’s contribution rate from 10.4 percent to 11 percent. This will help reduce SSS’ unfunded liability by 13 percent, or P141 billion, and extend its fund by three years (up to 2042).”
The report noted that member’s contribution rate has only been increased twice since 1980: in 2003 and 2007, while across-the-board pension increases have been implemented 21 times.
“This has resulted in SSS’ unfunded liability estimated at P1.1 trillion in 2011. If members’ contribution is not increased, the Fund’s liability will increase by 8 percent per year and its actuarial life is projected to last until 2039 (28 years),” it said.
In his SONA, President Aquino noted that the SSS had 21 across-the-board pension increases from 1980 to 2012, but the contribution rate has only been raised twice during the same period.
“Ang resulta, tinatayang P1.1 trillion na ang unfunded liability ng SSS. Base sa pag-aaral nitong 2011, inaasahang tataas ito ng 8% kada taon at mauubos ang pondo 28 years from now,” he told a joint session of Congress.
“Kung magdaragdag lang tayo ng 0.6% sa contribution rate, P141 billion na agad ang mababawas sa unfunded liability ng SSS. Kung ngayon tayo magsimulang mamuhunan sa kinabukasan , wala na problema ipapamana sa susunood sa atin,” he said.
Latest SSS Contribution Table
Expect a new SSS contribution table for 2013 to be issued in the last quarter of the year as our President hinted on an increase in SSS contribution rate in his pre-Labor Day Dialogue speech happened Malacañang.
Speaking about the SSS estimated unfunded liability as of 2011 at 1.1 trillion pesos, the President said:
“The solution? A little sacrifice. Right now, the SSS contribution rate is 10.4%. This is very low. The international standard is at 14.1%…Now, if we just add 0.6% to the contribution rate and increase it to 11%, we can immediately reduce SSS’s unfunded liability by 141 billion pesos.”
The move to increase SSS premiums will result “in a 7% increase in benefits. We are undertaking governance reforms such as this to fortify our institutions, and to ensure their long-term benefits for our citizens,” the President added.
But for now, as of this moment, the updated and lastest SSS Contribution can be found right down below:
New SSS Contribution Table 2013
The SSS Contribution Table Download
SSS Contribution Table is a schedule used by many to determine the SSS Member’s corresponding SSS Contribution for the month. If you’re eager to know what the basis of your Monthly SSS Deduction, this SSS Contribution Table can help you to determine the correct amount.
The SSS Contribution Table can also be used by Employers especially the HR Department who handles payroll activities related to the Mandatory Employee Benefits.
A free to download SSS Contribution Table is provided to you by clicking the download button. The zip file includes JPEG Image, PDF and Excel copy of the SSS Contribution Table.
Is This The Latest SSS Contribution?
Yes, as of this moment (January 1, 2013). But it is expected to be reviewed and revised by the management of SSS this coming June 2013 or the 3rd Quarter of the year 2013 (tentative). For the mean time, the SSS Contribution Table you can download here is the latest and updated copy since there is no official announcement and revision from SSS about the increase.
How Can I Compute My Own SSS Contribution?
Download the Latest SSS Contribution Table here!
For public information purposes, we posted the Latest SSS Contribution Table. Now, you can easily verify the monthly SSS deductions made in your payslips. SSS Contribution Table is composed of Range of Compensation, Monthly Salary Credit, Employee and Employer Contribution.
How do we determine if our Employer is deducting the correct amount?
Example Scenario: Mr. Sheldon Cooper is an employee and earning P12,400 monthly. What is his monthly deduction (contribution) to SSS?
Answer: P416.70. Easy right, how do we arrive at that amount? Let’s go back to the example, it says that “Mr. Sheldon Cooper is an employee and earning P12,400 monthly”, take a look at the SSS Contribution table and find the “Range of Compensation” Column. Find the corresponding range of compensation Mr. Cooper belongs to. In this case, Mr. Cooper belongs to 12,250 – 12,749.99 range and his Monthly Salary Credit is 12,500. Then go to EMPLOYEE – EMPLOYER Column > Social Security > under EE, find the amount horizontally aligned to Mr. Cooper’s group which can be identified as P416.70.
“EE” stands for Employee contribution. This is the actual amount that is being deducted to Mr. Cooper.
while “ER” stands for Employer contribution. This is the exact amount that is being paid by Mr. Cooper’s Employer (Employer Share).
For more question and inquiries, you can go to:
Social Security System (SSS), SSS Main Building, East Avenue, Diliman, Quezon City or you may call them at 920-6401 or their Automated Telephone Customer Service at 917-7777. To have a consultation with SSS Representative, you can call them at 920-6446 from 8:00AM to 5:00PM during weekdays.
You can also visit their website at www.sss.gov.ph. To get information on your SSS data or membership, you can use their automated telephone service by calling the SSS IVRS at 917-7777 or call 920-6446 to 55 to speak to an SSS representative from 8:00 am to 5pm, Mondays to Fridays.