Calculating your monthly SSS contributions can be a daunting task, especially for those who are new to the process. With the various membership types and factors affecting contribution, it can be challenging to determine the right amount to pay.
However, this process is crucial for ensuring that you are complying with the corresponding contribution requirements and availing yourself of the benefits that come with your membership type.
Fortunately, the SSS Contribution Calculator is a useful tool that simplifies this process. This calculator takes into account your membership type and monthly salary credit to accurately calculate your contribution.
Whether you are an employed individual or an OFW member, the SSS Contribution Calculator provides comprehensive and up-to-date information, eliminating the need for manual calculations that are prone to error.
By using this calculator, you can be confident that you are fulfilling your obligation as an SSS member and maximizing the benefits that you are entitled to.
SSS Membership Types
The social security system in the Philippines offers various membership types, each with its corresponding contribution requirements and benefits entitlement.
- The employed membership type includes employees in the private sector who are covered by the SSS through their respective employers.
- The kasambahay membership type, on the other hand, covers domestic helpers who earn at least PHP 1,000 per month and are employed by a single household.
- The self-employed membership type is for individuals who work on their own and are not covered by an employer, while the voluntary membership type is for those who are not employed or self-employed but want to avail of the benefits coverage.
- The non-working spouse membership type is for spouses of SSS members who do not have their income, while the OFW membership type is for Filipinos working abroad.
Each membership type is eligible for benefits coverage, including retirement benefits, which are computed based on the member's monthly salary credit and the number of contribution years.
Take a look at the updated SSS Contribution Table right away!
Factors Affecting SSS Monthly Contribution Amount
Membership type and monthly salary credit are two essential factors that determine the monthly contributions of an individual to the social security system in the Philippines.
The SSS contribution calculator takes into account these factors when computing the monthly contribution of an individual.
The contribution rate for each membership type varies, and the amount of monthly contribution increases as the monthly salary credit increases.
You can check the latest contribution rates for the various membership types with the latest SSS Contribution Table.
Calculating SSS Contribution to Different Employment Types
Membership types in the social security system include employed, kasambahay, self-employed, voluntary, non-working spouse, and OFW members. Each membership type has its own set of contribution rates and corresponding monthly salary credits.
For instance, the contribution rate for employed members is 12% of their monthly salary credit, while the contribution rate for self-employed members is 11% of their monthly salary credit.
It is important to note that the maximum monthly salary credit is PHP 20,000, and the minimum monthly salary credit is PHP 2,000.
Importance of Maintaining SSS Contributions
Maintaining SSS contributions is crucial to avail of the benefits offered by the social security system. Failure to pay contributions on time can result in penalties and delay in receiving benefits.
Additionally, stopping or delaying contributions for an extended period can affect the computation of retirement benefits.
It is important to choose the right membership type and comply with corresponding contribution requirements to ensure that one can avail of the benefits offered by the social security system.
Benefits and Payment Methods for SSS Contributions
One important aspect of the social security system in the Philippines is the benefits offered to its members, which vary depending on their membership type.
These benefits are designed to provide financial assistance to members during times of need and to help them secure a better future for themselves and their families.
One of the main benefits of being an SSS member is the retirement benefit. This benefit is available to all members who have contributed to the SSS for at least ten years and have reached the age of 60.
The amount of the retirement benefit is based on the member's average monthly salary credit and the number of years of contribution.
To make it easier for members to keep track of their contributions and estimate their retirement benefits, the SSS has made its services accessible online.
Members can easily access their contribution records and use online tools such as the SSS Contribution Calculator to estimate their retirement benefits.