Saturday, January 18, 2014

How to Know the Correct SSS Premium to Pay Based on the 2014 Contribution Schedule

Effective 1 January 2014, a new table of contribution for SSS premium should be followed. All employed, voluntary/ self-employed and OFW members must pay their premium contribution based on this new schedule.Also, the maximum salary credit (MSC) has been increased from 15,000 to 16,000.

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Here is how you should check the amount of your monthly contribution based on the 2014 contribution schedule:

For employed members, your range of compensation is based on your basic salary. Say you have a basic salary of 20,000.  Your range of compensation will fall under the '15,750' and over and your monthly premium shall be 1,790.00.  Your employer shall deduct from your salary the amount of 581.30 and the remaining amount of 1,208.70 shall be shouldered by your employer.

For SE/VM/OFW, the range of compensation is based on your declaration.  For OFW, the minimum shall be 5,000.  Say your declared earning is 6,300 monthly.  Your range of compensation shall fall under the '6,250 - 6,749.99' with an MSC of 6,500.  That means you need to pay 715.00 as your monthly contribution. 


Self-employed, voluntary and OFW members who already paid their contributions in advance from January 2014 onwards based on the old contribution must settle the underpayments to retain the posting at the same MSC otherwise, the lower MSC shall be applied.