The Complete SSS Contribution Table Guide for 2020

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The Philippine SSS, or Social Security System, is a is a state-run, social insurance program provided to workers in various industries, including freelance writing such as travel writing. Given the Philippines’ low cost of living and desirable living conditions, many traveling bloggers who live internationally choose this as a place to live, and thus have to deal with the SSS.  This applies not only to those living and working in this situation in the Philippines, but also to what is called an OFW, or Overseas Filipino Worker.

So, what really is the SSS? The Social Security System provides benefits of all kinds to those in these independent worker codes, and pay out based on a “schedule”. SSS members can make ‘salary’ or ‘calamity’ loans off the benefits being provided, which are calculated based on their salary credit – which basically means that their income gives them a certain amount of clout from which they can claim benefits following disaster, loss, theft, death of a loved one, or similar circumstances. There is also an existing SSS for regularly employed people in the Philippines that includes an employer contribution, but those situations are a little different and the contribution tables are set up differently. It’s not all “given”, however, as employees of all classifications are also required to contribute into their personal SSS – which has its own contribution table.

While this schedule may change year to year based on various life and domestic situations, the changes are typically minimal at best. We have documented some of these changes for 2019 and 2020, and listed the newest SSS Contribution Table for your use, should you be one of these traveling bloggers either in the Philippines, or a Filipino blogger traveling outside the country.

The SSS contribution tables below are comprehensive for most situations in the Philippines. This table is updated to reflect the most recent SSS Contribution Table change that went into effect April 1, 2019. It is possible, but not guaranteed, that this could change again in April 2020.

2020 SSS Contribution Table for Employed Individuals

SSS Contribution Table for Self-Employed, Voluntary and OFW Members

The SSS contribution table for 2020 is located below, specifically created for those who are self-employed, voluntary, or are Overseas Filipino Workers. If you’re an OFW, the minimum monthly salary credit is P5,000.

Non-working spouses’ contribution is half (50%) of the their working spouse’s most recent monthly salary credit, with a minimum credit P2,000.

Source of Due Date Graphic – SSS Website

  • The compensation range is always calculated before taxes
  • The mandatory retirement age being 65, you can contribute until that age, but not beyond.
  • For the sake of accounting, you may not contribute more than what is stated on the schedule.
  • Employed members who do not meet deadlines can and will face financial penalties.
  • Self employed and voluntary members may make contributions monthly or quarterly. There are no other options. The deadlines for quarterly filing are at the end of the 3rd, 6th, 9th, and 12th months.

What types of benefits are eligible for self-employed bloggers and digital entrepreneurs in the Philippines?

  • Sickness – Per diem relief if the benefit receiver misses work and compensation because of illness.
  • Disability – If maimed or disabled, disability benefits can be paid.
  • Death – Eligible compensation may be annualized or given in a lump sum.
  • Retirement – Upon the age of 65, benefits are eligible to start being paid and contributions cease. This can be in installments, or lump sum.
  • Funeral Grant – Compensation is eligible to those members who experience funeral expenses for a loved one or dependent.
  • Maternity – Eligible women include those who had both successful and unsuccessful births.

How can you pay your SSS Contribution dues?

For those in the self-employed classification, you can visit any SSS branch and process payment over-the-counter. You can also issue these payments through the post office or your bank. 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

Also, online transactions are now available through Bancnet and UnionBank. You can access both at the e-payment portal on the primary SSS website.

Source link A Couple For The Road

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