Question: What Is Monthly Salary Credit In SSS?

How can I calculate my SSS contribution?

The total amount of an employee’s SSS contribution is computed as 11% of the monthly salary (not more than Php16,000), but this is actually shared between the employee and the employer – the employee shoulders 3.63% while the employer pays for the remaining 7.37%..

Can I withdraw my SSS contribution?

Unlike Pag-IBIG contributions that can be withdrawn after 20 years, paid SSS contributions cannot be refunded. You can only file a claim for benefits (sickness, maternity, etc.) or claim your pension upon reaching retirement age.

What are the requirements for SSS calamity loan?

The following are the qualifications in order for members to apply for the SSS calamity loan:Members who’ve had at least 36 months of contributions; with six (6) posted within the past 12 months on or before the month of application.Home address of the member should be at a declared State of Calamity.More items…•

How many months are required to avail SSS pension?

120 monthsIf with less than 120 monthly contributions, the member shall be entitled to a lump sum amount equivalent to the contributions paid by him/her and on his/her behalf. However, member has the option to continue paying contributions to complete the 120 months to become eligible for monthly pension.

Can I apply for SSS without a job?

But even if you’re not employed, you can still take advantage of SSS’ many benefits by applying as a voluntary member.

What is SSS average monthly salary credit?

The current SSS contribution rate is 11% of the monthly salary credit not exceeding ₱16,000 and this is shared by the employer (7.37%) and the employee (3.63%). For instance: If your monthly salary is ₱30,000, your contribution will only be based on ₱16,000 (which is the highest monthly salary credit).

When can I stop paying SSS?

You can stop paying contribution after you make a final SSS benefit claim for total disability or retirement. You can file for optional retirement when you’re 60 years old and unemployed. If you’re 65 or older and still working (or not), you’ll qualify for technical retirement and won’t need to pay SSS contribution.

What does ER mean in SSS contribution table?

Employer’s contributionSSS contribution table: ER – Employer’s contribution. EE – Employee’s Contribution. EC-ER – Employee’s Compensation Program. SE – Self Employed.

Can I still pay my SSS contribution late?

“For self-employed, voluntary, and non-working spouse members, they can pay their SSS contributions for the applicable months of January, February and March 2020, or the first quarter of 2020 until June 1, 2020. …

How much is the loanable amount in SSS calamity loan?

Members may apply for a loan of up to P20,000, depending on your average monthly salary credit in the last 12 months. According to SSS president and CEO. Ignacio, the payment term of this particular CLAP has been extended to 27 months.

How can I avail SSS benefits if unemployed?

To qualify for the SSS unemployment benefits program, you must meet the following criteria:Must not be over 60 years old at the time of unemployment. … Paid at least 36 months’ worth of monthly SSS contributions and 12 months have been paid in the last 18 months prior to job loss.More items…•

Can I get SSS ID if unemployed?

Unemployed people (without a previous record of coverage or contribution) are not allowed to start paying contribution as a voluntary member just so they can qualify for UMID or SSS benefits.

What will happen if I stop paying my SSS contribution?

A self-employed person who fails to register with the SSS may be subjected to fines and/or imprisoned. … Self-employed and voluntary members may pay their monthly contributions prospectively or in advance, but never retroactively to cover month/s when no contribution payments were remitted.

How much is SSS contribution for unemployed?

RA 11199, which requires SSS to pay unemployment benefits to jobless members, is the same law that raises the SSS contribution rate from 11% to 12% in 2019, 13% in 2021, 14% in 2023, and 15% in 2025. Two-thirds of the increase will be shouldered by the employer, while one-third will be deducted from the employee.

How much is the minimum SSS contribution for voluntary?

Voluntary members and self-employed members need to pay 11% of their monthly salary credit, based on the amount they declared upon registration. OFWs pay a minimum monthly salary credit of P5,000. Contributions for non-working spouses are based on 50% of the working spouse’s last posted monthly salary credit.

Can I pay previous months in SSS?

There’s no penalty for individual members who fail to pay their contribution for a certain period. 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.

What is the maximum SSS contribution?

From April 2019, the SSS contribution rate will increase from 11% to 12% – an increase of 1%. The % contribution rate is based on minimum monthly salary credits (MSC) which in turn is based on an individual’s compensation. The maximum MSC will also increase, from PHP16,000 to PHP20,000, effective April 2019.

How much money can you have in the bank if you get Social Security?

All cash, money in bank accounts, and savings are also counted toward the resource limit, so you cannot have more than $2,000 in cash, and you could only have that much if you had not other countable assets. For more details, see our article on which resources are included in the SSI asset limit.

How much is employer share in SSS?

The total amount of an employee’s SSS contribution is computed at 11% of the monthly salary (with a salary ceiling of Php16,000), but this is actually shared between the employee and the employer – the employee shoulders 3.63% while the employer pays for the remaining 7.37%.

Can I pay SSS annually?

If you are an OFW, your payment of contributions for the months of January to December of a given year may be paid any time within the same year. You may also pay your contributions for the months of October to December of a given year until January 31st of the following year.