Sunday, November 24, 2013

NEW SSS CONTRIBUTION IN 2014

This news has been released early in May or June of this year but was finally announced and confirmed last October 2013.

It is confirmed that a 0.6 percent hike in SSS contribution will take effect in the coming year. Starting January 2014 the employee will have a share of 3.63% in the contribution and the employer with a share of 7.37%. The monthly salary credit or MSC will increase to PHP 16,000.00 per month.

Such increase in payment or contribution will result to increase in benefits. The maternity benefit is one example. Since the monthly salary credit increases as the contribution increases, then that will result to a higher computation of the said benefit. The maternity is being computed based on the monthly salary credit.


Microsoft Word - 2013 Draft Circular_Contribution Rate & MSC Inc