In the Philippines, the Social Security System Contribution table contains the rates that employees and employers have to pay to the SSS. These substantial expenditures are necessary to guarantee that beneficiaries may receive benefits when required. By 2024, the SSS payment rate will be 14% of monthly income, with the employer contributing 9.5% and employees contributing 4.5%.
The rates at which individuals contribute to the Philippine SSS have been modified. These contributions are important because they provide retirement, disability, and many other financial benefits. Read this post till the end to understand more about the SSS Contribution 2024.
SSS Contribution Table 2024
It is crucial to understand the SSS Contribution table in order to make sure that members fulfill the requirements for SSS benefits. It will create a financial security for them. They will get contribution fund benefits such as maternity benefits, pensions, and more. It will give clarity to the members and will help them in calculating contributions precisely. Accordingly, they can plan for their future benefits.
If you want to check your contribution status, you can do it either by visiting the SSS official site or via SMS. Also, everyone should be aware that it is against Philippine law for an employee to work for more than one company. Employers might take disciplinary action, including termination of employment, for this practice, which is known as double employment. According to SSS, in order to guarantee prompt deposit of payments and avoid overpayment, individuals who make contributions to many accounts must notify their employers and provide their SSS number.
Overview of SSS Contribution 2024
| Article On | SSS Contribution Table 2024 |
| Department | Social Security System (SSS) |
| Country | Philippines |
| Year | 2024 |
| Beneficiaries | Eligible employees |
| SSS Contribution Rate 2024 | Employers: 9.5% Employees: 4.5% |
| Category | Finance News |
| Official Website | sss.gov.ph |
What is SSS?
The Social Security System is a social security or insurance company that was founded by Republic Act No. 1161, also called the Social Security Act of 1954. The SSS basis was also strengthened by the modifications until Republic Act No. 11199 was passed and authorized. It is established to offer financial support and aid to its members during illness, disability, maternity, old age, disasters, unemployment, or death. For instance, a salary loan, pension, or cash allowance are some examples of financial aid. A lifetime membership in SSS is also guaranteed, and paid contributions cannot be withdrawn.
Who Can Pay the SSS Contribution?
Your employer is to be liable for paying your SSS contribution if you are employed. They will take the amount for your part straight from your pay. Along with that, your employer is also going to pay their part for your Social Security System contribution. In case you are a self-employed person then you can pay your SSS contributions online. You can send your share through the SSS mobile app, Unionbank online, Paymaya, Gcash, or BPI online. It is to be kept in mind that you are required to sign in to your account on the SSS site. If you don’t have an account, then make one.
SSS Contribution Rate 2024
The SSS contributions cover monthly salaries between ₱4,000 and ₱30,000. People can use the SSS Contribution chart to find out how much they must pay depending on their salary. At the moment, 14% of a member’s salary is the Social Security System rate. Employers and employees are further separated by this rate, check that out below:
| Contributor | SSS Contribution Rate |
| Employers | 9.5% |
| Employees | 4.5% |
| Total | 14% |
To know it in a better way, go to the contribution section of your SSS account, log in, and check your payment information. Significantly, people who haven’t contributed to SSS for several years are no longer eligible for the benefits and privileges associated with contributions.
How to Check Your SSS Contribution?
It’s critical to keep your contributions updated to track your benefits and make financial plans for the future. To view your SSS contributions, follow these steps:
Go to the SSS Website: Enter your User ID and password to access the official SSS website at sss.gov.ph.
Access Contributions Section: Locate the “Contribution” tab after logging in; this is usually located in the homepage’s upper-right panel.
View the Contribution Details: You will be taken to a page displaying your complete contribution history after selecting “Contribution.” This covers optional donations from members, monthly fees, and programs like Flexi Fund and WISP Plus.
Via SMS: Sending an SMS is another way to check contributions. You have to text SSS CONTRIB <SSS Number> <PIN> to 2600. An SMS with your current contribution status will be sent to you.
Regularly reviewing your contributions can help you make sure everything is current and quickly address any inconsistencies.
How to Pay SSS Contributions in 2024?
The beneficiary planning to pay their SSS Contributions in 2024, can follow the steps mentioned ahead:
- Just like you checked your contribution, start by logging in to your SSS account on the department authorized portal i.e. sss.gov.ph.
- In order to make your payment, you should now create a PRN. You can use your SSS account to accomplish this.
- Choose a payment method now based on your choices. You must log in to GCash or any mobile payment app if you are making a payment using either of these methods.
- Next, select “Pay Bills,” after that “Government,” and finally “SSS Contribution.”
- Provide the essential details on the application form, then follow the instructions to finish the payment.
Contributions can also be made by individuals at the SSS office or through affiliated banks such as Bank of Commerce, Asia United Bank, Philippine Business Bank, Bank One Savings Bank, and First Isabela Cooperative.
| Official Website | Click Here |
| Homepage | Philtranco.net |