Tax BlogSSS Contribution Table for 2024

December 18, 2023

As the year draws to a close, it’s time to gear up for potential updates in various government agencies’ rates and fees, including the Social Security System (SSS). Every new year may usher in changes, and it’s important to be informed about these adjustments. Below, we outline the current effective contribution rate tables from the SSS. If there are any changes to these rates, we will be update them here to keep you in the loop.

Employer Responsibilities and Contribution Payments to SSS

Employers in the Philippines are responsible for remitting employee and employer premiums to the Social Security System. These payments are vital for ensuring complete SSS postings and securing entitlement to SSS benefits for employees in times of need.

In the past, the SSS established contribution payment deadlines based on the last digit of an employer or member’s SSS number. However, for the year 2023, the agency encouraged members to submit payments on the last day of the subsequent month or quarter.

When to Make SSS Contribution Payments

When it comes to remitting SSS contributions, the schedule varies depending on your membership status:

  • For regular employers, SSS accepts payments every last day of the following month.
  • If you’re self-employed, you must remit payments by the last day of the subsequent month or quarter.
  • Members of the informal economy, such as farmers and fisherfolk who are self-employed, have the flexibility to make contributions at any time throughout the year.

Keeping track of these timelines and ensuring timely contributions is crucial for both employers and individual members. This compliance not only fulfills obligations but also secures access to the array of benefits that the Social Security System offers.

SSS Contribution Tables for 2024:

Employer (ER) and Employee (EE)

Employer (ER) refers to the entity or individual who hires employees and is responsible for deducting SSS contributions from their employees’ salaries. Employers are mandated by law to remit these contributions, along with their own share, to the SSS on behalf of their employees.

Employee (EE) refers to the individual hired by an employer who contributes a portion of their salary to the SSS. Employees have their contributions deducted from their wages by the employer and these contributions are crucial for their social security benefits, such as retirement, disability, sickness, maternity, and other related benefits provided by the SSS.

Household Employer (HE) and Kasambahay/Household Employee (HE)

In the Philippines, the Household Employer (HE) and Kasambahay/Household Employee (HE) refer to the relationship between a household employer and their domestic worker, commonly known as a kasambahay or household employee. The SSS mandates that household employers register their kasambahay with the SSS to provide them with social security benefits and protection. The household employer is responsible for ensuring the enrollment of their kasambahay in the SSS, paying their contributions, and facilitating their access to benefits such as health insurance, retirement, and other social security privileges.

Land Based-OFW Members

Land Based-OFW Members refers to overseas Filipino workers (OFWs) employed in various land-based capacities abroad. These individuals also contribute to the SSS. Land Based-OFW Members specifically denote those OFWs employed in industries such as domestic work, healthcare, construction, hospitality, and other land-based professions overseas. Their SSS contributions enable them to access social security benefits and financial assistance both during their employment abroad and upon their return to the Philippines.

Self-Employed Member

A Self-Employed Member refers to someone who works for themselves, without an employer-employee relationship. These individuals include freelancers, entrepreneurs, professionals, and those who run their own businesses. As a self-employed member of the SSS, they must make regular contributions to the SSS fund to avail themselves of various benefits such as retirement, disability, sickness, maternity, and death benefits. Their contributions are calculated based on their declared monthly earnings.

Voluntary Member and Non-Working Spouse

Voluntary members are individuals who are not formally employed or are self-employed but choose to contribute to the SSS voluntarily. They may include freelancers, entrepreneurs, or individuals without formal employment seeking social security benefits.

Non-working spouses, on the other hand, refer to partners who do not have income-generating activities or are not formally employed but are married to an SSS member. They can be covered under their working spouse’s SSS membership by being registered as a dependent beneficiary and making voluntary contributions to the SSS.

Timely contributions ensure eligibility for various benefits, such as pensions, disability, maternity, and sickness benefits. Failure to pay SSS contributions on time can result in penalties, including fines and surcharges, imposed by the SSS. Delinquent payments may lead to a loss of benefits, delayed processing of claims, or even disqualification from receiving certain benefits. Moreover, non-compliance can accrue substantial interest on unpaid contributions, exacerbating financial burdens for individuals or businesses. Thus, prioritizing timely SSS contributions is vital to safeguard one’s future financial security and access to essential social security benefits in the Philippines.

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