Employees are not the only Filipino citizens who can contribute to SSS. Everyone who is of legal age can contribute monthly and get a lump sum and succeeding monthly pension when they reach the retirable age. Whether you’re an employee, self-employed, overseas Filipino worker or you contribute voluntarily, you need to know the schedules and other info about the contributions of SSS. Here are some guidelines you can follow for your SSS monthly contribution;
Things You Should Keep in Mind
- SSS contributors who have Php1,000 (min MSC) advance payments must settle their underpayments of Php6.00/mo. OFWs with Php5,000 MSC must settle their underpayments (Php30.00/mo). To prevent ineffective contribution, all parties must adhere to this regulation.
- The corresponding price of increase must be paid for the advance payers if they want to retain their posting. If contributors will not pay the increase, a lower applicable MSC for advance payment will be posted.
*This is the 2019 Contribution Table for SSS’ Employed Members
*This is the 2019 Contribution Table for SSS’ Self-Employed, Overseas Filipino Workers, and Voluntary
What are the SSS Benefits for its Members?
There are many benefits from SSS that an individual can get. These are sickness, maternity, disability, retirement, and death and funeral. There are also loans that members can avail of. Here’s detailed info about each of those;
- A member can avail of this when he can’t work because he is sick or injured. He can also avail of this when he gets hospitalized or is staying at home due to sickness. This has to be ongoing for four days.
- The member must have already paid at least 3 months of contributions. This must be under the 12-month period and immediately before the 6 months of the sickness.
- The member has already used his sick leave benefits which has pay. He must notify his employer for this.
- Self-employed and voluntary members must make a direct notification to SSS for the filing of the sickness benefit.
- The member can get 90% of his average salary credit and up to 120 days is allowed in the duration of one year for the sickness benefit.
- The member must have paid at least 3 months of SSS contribution in a 12-month period. This must be immediately ‘before the semester of childbirth or miscarriage’.
- The member must notify her employer
- If the member is self-employed or voluntary, she must notify SSS directly.
- The member will get a 100% a ‘daily maternity benefit allowance’ that is the same amount as her ‘average daily salary credit’. This is times 60 days for normal delivery and miscarriage and 78 days for C-section.
- This benefit is good for up to four deliveries and miscarriages.
- For a member who has a permanent or partial disability, a cash amount will be given. This can be a monthly pension or a lump sum.
- The member must have 36 months of contribution before the semester of the disability to get this benefit.
- The member will get a lump sum if he falls under the less than 36 months payment category.
- The member with 10 credited years of service (CYS) will get a Php1,000/mo pension; Php1,200 for the member with at least 10 CYS; and Php2,400 for the member with at least 20 credited years of service.
- The member has to be retired (optional retirement) from employment or being self-employed.
- The member must have at least 120 months of contribution before the semester of the retirement
- The member must be 65 years old (mandatory retirement); employed or not.
- The member can get a lump sum amount if there is less than 120 months of contribution.
- Aside from the lump sum amount, the member will get monthly pension and a 13th-month pension which are given every December. The amount of the 13th-month pension is equivalent to the amount of the monthly pension of the member.
- Minor children will have benefits of 10% of the pension of the member or PHp250 (whichever is higher). Five minor children are entitled to this benefit.
DEATH and FUNERAL
- The benefits of death and funeral can be a monthly pension or lump sum which will be given to the beneficiaries of the deceased member. There’s also a Php20,000 funeral grant for the person who shouldered the expenses of the burial.
- The member’s primary beneficiary will get a monthly death pension if the member has at least 36 months of contribution before the semester of the death.
- The primary beneficiary will also get a lump sum amount if the member has contributed for less than 36 months.
- The pension will go to secondary beneficiaries if the member has no primary beneficiaries.
SSS Contribution Rates
- The compensation of the members is the basis for the monthly contributions. Currently, a contribution rate of 11% of a member’s salary credit goes to SSS contribution. This is for members who have Php16,000 salary or less. This amount is divided into two; 7.37% for the employer and 3.63% for the member (employee).
- Self-employed and voluntary members will pay the whole 11% of monthly salary credit (MSC). For OFWs, the minimum monthly salary credit is Php5,000. For a non-working spouse, the monthly contribution is 50% of the working spouse’s salary. It can’t be lower than Php1,000.
Tips for Employed, Voluntary, OFWs, and Self-Employed Members
- Remember that there are penalties for delayed payments so paying on time is a must.
- Delayed payments also mean that there will be penalties and delays in benefits and loans processing so for employees and other monthly contributors, pay on time to avoid this.
- Voluntary and self-employed members can either pat their contributions monthly or quarterly. Each quarter will cover three months (e.g. January-March).
- OFWs who will pay for October to December can pay on or before January 31 of the next year.
How Important is Paying Your Monthly SSS Contributions?
Paying your monthly contribution is very important. As you can see, there are many benefits of SSS members. The benefits range from loans, pensions, health pensions, retirement benefits and more. Being an SSS member will not only give you benefits when you grow old and retire but also while you are still young.