The branch of government responsible for providing health and retirement benefits to Filipino workers has released its new and latest SSS contribution table for 2014. The revised rates would take effect on January 1, 2014.
In the circular number 2013 – 010 released by Social Security System on October 2, 2013, explains that the new amended rates will affect all employers and their employees.
It will also affect those who pay their SSS contribution as voluntary or self-employed members, and as Overseas Filipino Workers (OFW).
New SSS Contribution Table
To make sure that you’ll get first-hand information. I suggest that you download the PDF Copy of the circular and have it printed for your reference in the future.
Self-employed, voluntary, and OFW who are responsible enough to pay their voluntary contribution ahead of time such as January 2014 onwards based on the old contribution rates would have to settle underpayment amount defending on the respective minimum MSC’s.
Self-employed and voluntary have to pay Php6 per month for the minimum MSC of P1000. OFW members have to settle underpayment of P30 per month for a minimum MSC of P5000.
SSS Members’ Benefits
Why would you want to have a SSS Contribution? Everyone who works in a private institution should have an SSS contribution. It acts as short and long term insurance to every member just in case there is an occurrence of unforeseen events such as sickness, and accidents. Please see below the complete list of benefits assuming you are a responsible member:
- Sickness Benefits – A member will receive a daily cash allowance depending on the number of days he/she won’t be able to report for work due to accidents and sickness
- Disability Benefits – This can be received on a monthly basis like pension or a lumpsum amount to those members who unfortunately won’t be able to work due to permanent disability.
- Death Benefits – The beneficiaries of the deceased member will receive lump sum amount or monthly pension.
- Retirement – Retired employees who unfortunately are no longer eligible to work because of old age will receive a monthly pension or lumpsum amount.
- Funeral Grant – Given to the one responsible for paying the burial expenses of the deceased member.
- Maternity – Applicable only to female members. It is a cash allowance per day for female members who underwent childbirth or suffer a miscarriage.
Modes of Payment
For Self-employed, Voluntary, OFW, and Corporate – Payment can be processed through Over-the-counter. The best way for this is to visit any SSS branches near your place. Payments can also be processed on accredited banks, Post office, participating bayad centers and SM business centers
For corporate alone – Payments can be processed through Electronic Payment (E-payment).
Self-employed, voluntary, household workers, and OFW members – SSS payments can be done online through Bancnet, Ventaja PayPilipinas, and Automatic Debit Arrangements (ADA) with accredited banks.
*The sss contribution table 2014 details are from their official website