The updated SSS contribution table starting April 2020 for employees and employers, voluntary, self-employed, OFW and Kasambahay or Household Workers to have at least a rough idea on how much contributions are. In this way, they’ll be able to understand if they’re under, over, or just right in paying.
Every year, the contribution table for the Social Security System (SSS) updates and this is depending on how the economy is. Moreover, it’s essential to know the values of contributions if you are an employer because it can be a lawful act if you make mistakes in terms of paying for contributions. Nevertheless, here is the SSS Contribution 2020 table.
As per updates from the SSS, members of the government body now require all members including employers to have an online account. This is one of the ways on how SSS is improving its system; need to inquire about your membership? You can now do it online; want to know how much your premium contributions are? You can view it online. There are actually a lot of things you can do with the online account that can save you the hassle of going to SSS branches.
Table for SSS Contribution 2020
Starting April 2019 here is the contribution table for Employed members
SSS Contribution Table 2020 for Employed Members and Employers
SSS Contribution Table 2020 for Self-employed, Voluntary Member and Non-Working Spouse
- Minimum Monthly Salary Credit is P2000.00
- The contribution of the non-working spouse shall be based on 50% of the Monthly Salary Credit (MSC) of his/her working spouse
- In case the 50% of the working spouse’s declared monthly income does not correspond to any MSC in the contribution table, the immediately higher MSC shall be the basis.
SSS Contribution Table 2020 for OFW
- Minimum Monthly Salary Credit for OFW is P8000.00
SSS Contribution Table 2020 for Kasambahay and Household Employers
- Under R.A. No. 10361 or the Domestic Workers Act, the employers pay the entire contribution if the Kasambahay earns less than P5,000.00 monthly
If you’ll notice, it’s technically almost the same if you try and compare the regular employee from contributions of the self-employed, voluntary, and OFWs. The reason why it’s separate is because the second table doesn’t really have employers or if they do, they’re not registered businesses in the country.
Moreover, you’ll see that every year, the contribution table updates. Meaning, the economic state of our country fluctuates and it is the one that dictates how contributions should be made. This is an important part of employment and business because failure to do so might cause trouble that nobody wants.
What do you think about the updates on the Table of SSS Contribution 2019? Do you think it seems fit for every employee and employer?