The SSS New Rate for 2014

Hi Yah Mommies:-)


The Social Security System has just issued a letter for its members advising the new rate of contribution starting this January 2014.

Here...

     Effective January 2014, the Social Security System (SSS) will implement a 0.6-percent increase in its current 10.4-percent monthly contribution rate, thereby setting the new contribution rate at eleven (11) percent. At the same time, the maximum Monthly Salary Credit (MSC) will be increased from P15,000 to P16,000. As affirmed by SSC Resolution No. 711-s.2013 dated 20 September 2013, the new SSS contribution rate and the new maximum MSC will become effective for the applicable month of January 2014.

     These two moves, which were approved by President Benigno Aquino III in September 2013, are part of the SSS Reform Agenda that seeks to lengthen gradually the actuarial life of the Social Security Fund and to reduce the unfunded liability of SSS.

     The 0.6 percent increase will be divided equally between employees and employers, with the latter shouldering 7.37 percent, while the former will pay 3.63 percent of the applicable monthly salary credit. However, Self-Employed and Voluntary Members (SEVMs), including overseas Filipino workers (OFWs), will shoulder the entire 11 percent rate.

     With the new 11-percent contribution rate, the monthly contribution amount at theminimum MSC of P1,000 will be P110, and at the new P16,000 maximum MSC will be P1,760. 

Here's the New Salary Rate Table for your reference.

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