The Social Security System SSS releases the new schedule of Contribution which will take effect in January 2021. Aside from the increase in contribution rate, part of the changes will require all those whose salary brackets start at 20,250 and above to contribute to the SSS PESO Fund or the Mandatory Provident Fund.
- SSS Circulars 2020-033-b; 034-b; 035-b
- What’s the difference between the Old Rate and the New SSS Rate?
- Significant Features of the New contribution Schedule
- Impact of the New Contribution Rate on Regular SS Program and WISP
- New SSS Table for Employers- Employees 2021
- SSS Contribution Self-employed 2021
- SSS Contribution for Voluntary and Non-working Spouse
- For Household Employers and Kasambahay
- SSS Contribution for Overseas Filipino Workers (OFW)
- Deadline of Payment of Contributions
SSS Circulars 2020-033-b; 034-b; 035-b
The SSS shall implement the NEW SCHEDULE OF REGULAR SOCIAL SECURITY, EMPLOYEES’ COMPENSATION (EC) AND MANDATORY PROVIDENT FUND CONTRIBUTIONS for Regular Employers & Employees, Self-Employed, Voluntary & Non-Working Spouse and Household Employers & Kasambahay as mandated under Republic Act No. 11199 or the Social Security Act of 2018, and detailed under SSS Circular Numbers 2020-033-b, 2020-034-b, 2020-035-b and 2020-036-b as of 22 December 2020.
What’s the difference between the Old Rate and the New SSS Rate?
The new contribution rate and new minimum and maximum Monthly Salary Credits (MSC) that will be implemented starting January 2021 are aimed at covering a larger percentage of the contributing members’ monthly incomes, so that they can look forward to larger benefit amounts and/or higher pension savings in the future. Refer to the table below.
|Employee Share||Employer Share||Total|
Minimum and Maximum MSC
Significant Features of the New contribution Schedule
- For those contributing at an MSC of P20,000 and below, the additional amount per month ranges from P10 to P100 only, for both the employee and employer.
- For self-employed and voluntary members, the additional amount for monthly contributions ranges from P30 to P200 only.
- For those contributing at an MSC above P20,000 to the maximum P25,000, the additional amount for monthly contributions ranges from P265 to P850, which all go to the member’s WISP account.
Impact of the New Contribution Rate on Regular SS Program and WISP
New SSS Table for Employers- Employees 2021
Pursuant to the enactment of Republic Act No. 11199, otherwise known as the Social Security Act of 2018, which includes a provision that increases the Social Security (SS) contribution rate to 13%, the minimum Monthly Salary Credit (MSC) to P3,000, and the maximum MSC to P25,000 effective year 2021, the new schedule of contributions of employers (ER) and employees (EE) is hereby issued and shall be effective for the applicable month of January 2021.
SSS Contribution Self-employed 2021
Here is the SSS Contribution table for Self employed.
You can download it here
SSS Contribution for Voluntary and Non-working Spouse
Refer to the photo below for the SSS Voluntary Contribution table 2021.
For Household Employers and Kasambahay
SSS Contribution for Overseas Filipino Workers (OFW)
Deadline of Payment of Contributions
|Type of Payor||Deadline|
|Regular Employers||Last day of the month following the applicable month|
|Household Employers||Last day of the month following the applicable month or calendar quarter|
|Self-employed, Voluntary and Non-Working spouse members||Last day of the month following the applicable month or calendar quarter|
|OFW members||January to September- until December 31 of the applicable year|
October to December -until January 31 of the following year