How to compute sss contribution

What is the SSS contribution rate? How to compute SSS pension? How much of your income is required for SSS contribution? How do SSS contributions work? But take note that of the monthly contribution, only 3. Your employer shoulders the remaining 7.

Refer to this table to see how your SSS contributions are calculated. Use the Right SSS Contribution Table SSS provided several tables to use depending on which category you fall into. Get your MSC Look at the right table and search which bracket under the range of compensation your salary fits in.

The total amount of an employee’s SSS contribution is computed as of the monthly salary (not more than Php10), but this is actually shared between the employee and the employer – the employee shoulders 3. The sum of ₱3plus twenty (20) percent of the average Monthly Salary Credit (MSC) plus two (2) percent of the average monthly salary credit for each Credited Year of Service (CYS) in excess of years. Forty (40) percent of the average Monthly Salary Credit (MSC). Based on the Credited Years of Service (CYS) The first formula is highly driven by the number of years you paid your contribution.

The current SSS contribution rate is of the monthly salary credit not exceeding ₱10and this is shared by the employer () and the employee ().

These are the following: 1. Thus, if you’re self-employed and you earn P10a month, the total SSS contribution you should remit to the SSS amounts to P456. Retirement Income Estimate. Get Useful Information In Seconds.

If you have an IRA, pension, or 401(k), your retirement money is at serious risk. The SSS pension is one of the benefits you can avail when you retire from many years of working and being an active member of Social Security System. A simple illustration would be someone who’s earning Php 17a month.

Based from the new contribution schedule, the employee would be deducted Php 6and the employer (your company) would pay Php 2which is twice the employee’s contribution. Knowing how to compute SSS contribution in the Philippines will leave you at a better place. One CYS is equivalent to at least months worth of contributions paid in any given year. Simple Formula to Compute Your SSS Pension. After knowing the terms, you can finally compute for your pension.

For a guide on how to read the SSS tables and how to compute the monthly contributions , refer to our examples in the next section. CPCP is offered to employers who are not yet registered with the SSS as employees. ER EE Total Contribution HDMF(pag-ibig) 100. PHIC(philhealth) 175.

However, the SSS doesn’t allow members to make retroactive payments just so they qualify for a loan or benefit. You can only continue paying for the succeeding months or in advance, but never for the past unpaid months.

Employee’s Contribution. As a member of Social Security System ( SSS ), this SSS Contribution Calculator will help conveniently compute your monthly contribution. We are currently limited to computing the contribution for employed members only. It is high time to adjust the contribution rates and monthly salary credits of SSS to allow members to save more for their retirement,” SSS OIC Aurora C. The employer, however, has a total contribution of Php 746. This is from the monthly contribution of Php 736.

Using the “Per payroll (calculated monthly)” In using this payment, the system will be based on the employee’s “half month” salary either using base or gross pay. The said increase is from the recent percentage point. Concurrently, the minimum and maximum monthly salary credit (MSC) will rise up to P0and P200 respectively.

It’s well within your rights as an SSS member to take a legal action against your employer for failure to remit your SSS contributions. We’re talking about the money you’ve worked hard for. When Should You Claim Social Security?