FAQs
Starting January 2023, the members' contributions will increase from 13% to 14%.
What is the new SSS table contribution 2023? ›
The 14 percent is composed of 9.5 % Employer Share and 4.5% Employee Share while the minimum Monthly Salary Credit (MSC) will be increased from P3,000 to P4,000 and the maximum MSC from P25,000 to P30,000. The 1 % increase is to be shouldered by the employer and employee's share remains at 4.5%.
What is the maximum SSS for 2023? ›
For 2023, the maximum limit on earnings for withholding of Social Security (old-age, survivors, and disability insurance) tax is $160,200.00. The Social Security tax rate remains at 6.2 percent. The resulting maximum Social Security tax for 2023 is $9,932.40.
How to pay SSS if ofw? ›
Pay for your Social Security System (SSS) contribution even while you are abroad. Through PNB's Overseas Bills Payment System, you can pay for your SSS contribution at any PNB overseas branch, office, agent, or tie-up. Enjoy real-time posting of your SSS contributions with your Payment Reference Number (PRN)!
How much is the minimum SSS contribution for OFW? ›
SSS monthly contributions for OFWs
As of January 2023, SSS has updated the contribution rate to 14% of the monthly salary of its members. Based on the table below, if an OFW earns a monthly salary credit of 20,000 PHP, then they are required to contribute a monthly amount of 2,800 PHP.
How much is the monthly contribution for SSS voluntary 2023? ›
2023-2024 Computation: If your salary is ₱10,650.00, your MSC is ₱10,500, and your EC is 10. (10,500 x 0.14) + 10 = 1,480. Your Total Monthly Contribution is ₱1,480. 2022 Computation: If your salary is ₱23,000.00, your MSC is 20,000.
What is the deadline for SSS contribution for OFW? ›
SSS Programs for Overseas Filipino Workers
| Applicable Month | Payment Deadline |
|---|
| January – September of a given calendar year | December 31 of the same year |
| October – December of a given calendar year | January 31 of the succeeding year |
Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
What is the highest Social Security check you can get a month? ›
The maximum Social Security benefit you can receive in 2024 ranges from $2,710 to $4,873 per month, depending on the age you retire. "Maximum benefits can be received by delaying the start of benefits until age 70 since benefits increase by about 8% for each year you delay beyond full retirement age.
How much pension will I get from SSS after 10 years? ›
1. the sum of P300 plus 20 percent (20%) of the average monthly salary credit plus two percent (2%) of the average monthly salary credit for each CYS in excess of 10 years; or 2. 40 percent (40%) of the average monthly salary credit; or 3. P1,200, if with at least 10 CYS; P2,400, if with at least 20 CYS.
As of 2024, the maximum Social Security System (SSS) pension in the Philippines is Php 18,495 per month, while the minimum is Php 2,000.
Can I withdraw my SSS contribution after 10 years? ›
However, once you become a covered SSS member, you become a member for life. The contributions that you remit become savings for the future that will serve as basis for the granting of social security benefits in times of contingencies. Membership cannot be withdrawn and contributions paid cannot refunded.
What will happen to my SSS contribution if I stop paying? ›
There's no penalty if you miss a payment, but the SSS doesn't let you pay retroactively for missed contributions. If you don't qualify for a loan due to insufficient funds, you can't make a retroactive payment to make up for it.
What is the maximum contribution to SSS in the Philippines? ›
As per the act, there will be a 1% increase every two years until 2025. Consequently, SSS has already implemented a contribution rate increase in 2023, set at 4.5% of the gross pay (maximum Php 30,000). Employers contribute 9.5% of the gross pay, resulting in a total contribution of 14%.
What is the latest contribution of SSS? ›
2023 contribution rate hike
“In January 2023, under Republic Act No. 11199 or the Social Security Act of 2018, SSS implemented a 1 percent rate hike, bringing its contribution rate to 14 percent from the previous 13 percent,” he added.
What is the new SSS contribution table for 2024? ›
For the old rate, the employee/employer contribution is: 4% employee share + 8% employer share = 12% total For the new rate, the employee/employer contribution is: 4.5% employee share + 8.5% employer share = 13% total In addition, the minimum and maximum monthly salary credit also changed.
How much is the minimum contribution for Pag-ibig 2023? ›
This means that as long as the monthly income is equal to or greater than ₱5,000, the member should pay at least ₱100 monthly. However, self-employed members may choose to pay an additional ₱100 or more (for a total monthly savings of ₱200 or higher), especially if they plan to apply for a Pag-IBIG housing loan.
