Monthly SSS Contribution Table 2023 in Philippines: A Guide to Secure Your Future
Planning your finances is crucial to ensuring your future. One essential part of financial planning for Filipinos is contributing to the Social Security System (SSS). The SSS provides social protection through better health care, maternity benefits, disability benefits, retirement pensions, and more.
If you are an SSS member, it is essential to be aware of the new schedule of contributions for 2023. According to the official website of SSS, the new rate for the monthly contribution will increase to 14% effective January 2023. This increase is part of the continuous efforts of the Philippine government to provide better social protection to its members.
The minimum monthly salary credit (MSC) for SSS contributions will also increase to P4,000, while the maximum MSC will rise to P30,000. The table below shows the updated contribution for the Social Security, Employees’ Compensation (EC), and Workers’ Investment and Savings Program (WISP) administered by SSS.
| Range of Compensation | Monthly Salary Credit | Total | Regular SS | EC | WISP |
|---|---|---|---|---|---|
| 1,000 – 1,249.99 | 1,000 | 140 | 45 | 95 | 10 |
| 1,250 – 1,749.99 | 1,500 | 210 | 67.5 | 142.5 | 10 |
| 1,750 – 2,249.99 | 2,000 | 280 | 90 | 190 | 10 |
As shown in the table, the amount of contributions for the employee (EE) and the employer (ER) increased in all range of compensations, with the highest increase seen in the EC and SS contributions. The new WISP contribution will remain at P10, regardless of the range of compensation.
It is crucial to be aware of these updates to avoid missed or underpayments. As an SSS member, you must contribute regularly to enjoy the full benefits of your membership. You can also check other sources for comprehensive information on the new SSS contribution table for 2023.
In conclusion, securing your future is essential, and contributing to SSS plays a significant role in your financial planning. The updates in the contribution table are necessary to provide better social protection to SSS members. Make sure to be well-informed and updated, contribute regularly, and reap the benefits of social protection that SSS offers.
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