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|A photo by Stuart Miles via freedigitalphotos.net|
you have been living under a rock, you would have heard about the Social
Security System’s (SSS) increase in members’ contribution by 0.6 percent
starting January next year in order to reduce its unfunded liability and extend
the state pension fund’s life by four more years or up to 2043.
Kiyosaki was right in claiming that the ”Social Security is one of the biggest Ponzischemes of all. For Social Security to work, money is taken from young
people and given to the old.” He went
as far as saying that the Social Security “will soon fail as all Ponzi schemes
do. This is why most young people expect
to see aliens from outer space before they ever see a Social Security check.”
think may also be happening to the Philippines’ SSS. Continue giving large bonuses to officials
for attending two meetings (and justifying that the previous administration kept those large bonuses secret while this current one is more transparent and that they used to be from the private sector and deserved to be paid something equivalent to what the employees of the same status in the private sector is paid is sickening. It has been three years na. Stop blaming the previous administration already. Try telling that to the professionals of government agencies who are paid way lower than a janitor of a GOCC. They chose public service, for crying out loud. How dare they demand to be paid like their private counterparts! ok. rant over), and the employee of today might have a hard time
getting their pensions when they grow old. It may be possible that they are paying the retirees with the contribution of the current members (I do fervently wish and pray that the members’ money is being used wisely and not used on paintings which a former GSIS official thought was a good investment).
are a private employee who is 60 years old and below, a household-helper
earning at least PHP1,000.00, a Filipino seafarer, a foreign government
employee, a parent, spouse or child below 21 years old of the owner of a single
proprietor, a self-employed individual, there is probably no way you can escape paying SSS
contributions. It is compulsory.
you can do is to check if your SSS contributions are being deducted correctly. It
is absolutely necessary that you should know how much SSS contributions you
salary of PHP 14,500.00.
- How much
will Mr. J deduct from B’s salary as Employee’ Contribution (EE)?
- How much
will Mr. J’s Employers’ Contribution be (ER)?
- How much
is the total SSS Contribution that Mr. J should remit to SSS?
Employee Contribution is PHP 483.30.
- Mr. J’s
Employer’s Contribution is PHP 1,034.70
- Total SSS
Contribution Mr. J should remit to the SSS is PHP 1,518.00
Overseas Filipino Workers (OFW), their total contribution is determined by
simply looking at the last column (SE/VM/OFW Total Contribution) of the
schedule based on their monthly salary /earnings credit range. If you are
self-employed earning P50,000.00 a month, your SSS contribution is PHP1,560.00.
contributions, B’s Employee Contribution on a salary of PHP 14,500.00 is PHP 526.80,
Mr. J’s Employer Contribution is PHP 1,078.20, and the total contribution Mr. J
is going to remit to SSS is PHP 1,605.00.
If you are a self-employed, voluntary member or OFW earning PHP
50,000.00 a month, your SSS contribution will be PHP1,760.00