- What is the retirement age in SSS?
- Can I increase my SSS contribution?
- What happens if you dont pay SSS?
- What is a MSC in SSS?
- How many years should I pay SSS contribution?
- How will I know if my employer is paying my SSS?
- What is SSS monthly salary credit?
- How much is SSS contribution per month?
- Can SSS contribution be withdrawn?
- Can I still pay my SSS contribution late?
- How much is the minimum SSS contribution for voluntary?
- What are the benefits of SSS member?
What is the retirement age in SSS?
60 years oldA member is qualified to avail of this benefit if: Member is 60 years old, separated from employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement..
Can I increase my SSS contribution?
Yes. You may change your contribution amount or MSC as a voluntary, self-employed, or OFW member when your monthly income has increased or decreased. You can do this for an unlimited number of times and number of salary brackets within a year, as long as you don’t go below the minimum MSC.
What happens if you dont pay SSS?
Once you become an SSS member, you’re covered for life even if you miss your monthly payments. There’s no penalty for individual members who fail to pay their contribution for a certain period. However, the SSS doesn’t allow members to make retroactive payments just so they qualify for a loan or benefit.
What is a MSC in SSS?
Monthly salary credit (MSC) – The Social Security Law defines the MSC as “the compensation base for contributions and benefits“1. The SSS uses the MSC to compute the required contribution for members based on their monthly income.
How many years should I pay SSS contribution?
Must have been working as Surface/Underground Mineworker for at least five (5) years (either continuous or accumulated) prior to the semester of retirement. Member is at least 55 years old (technical retirement) and have paid at least 120 monthly contributions prior to the semester of retirement.
How will I know if my employer is paying my SSS?
Log in to your My.SSS account at www.sss.gov.ph website occasionally to determine if your present employer is consistently remitting your monthly SSS contribution. As a voluntary member, you can also do the same. Another reason is to keep you updated with your current monthly contribution amount.
What is SSS monthly salary credit?
Monthly salary credit salary credit means the compensation base for contributions and benefits related to the total earnings for the month. (The maximum covered earnings or compensation is P16,000 effective January 1, 2014). … Let us assume that the six highest monthly salary credits are P15, 000 each.
How much is SSS contribution per month?
The current SSS contribution rate is 11% of the monthly salary credit not exceeding ₱16,000 and this is shared by the employer (7.37%) and the employee (3.63%). For instance: If your monthly salary is ₱30,000, your contribution will only be based on ₱16,000 (which is the highest monthly salary credit).
Can SSS contribution be withdrawn?
Unlike Pag-IBIG contributions that can be withdrawn after 20 years, paid SSS contributions cannot be refunded. You can only file a claim for benefits (sickness, maternity, etc.) or claim your pension upon reaching retirement age.
Can I still pay my SSS contribution late?
“For self-employed, voluntary, and non-working spouse members, they can pay their SSS contributions for the applicable months of January, February and March 2020, or the first quarter of 2020 until June 1, 2020. …
How much is the minimum SSS contribution for voluntary?
Voluntary members and self-employed members need to pay 11% of their monthly salary credit, based on the amount they declared upon registration. OFWs pay a minimum monthly salary credit of P5,000. Contributions for non-working spouses are based on 50% of the working spouse’s last posted monthly salary credit.
What are the benefits of SSS member?
Type of SSS BenefitsSickness Benefit. It’s a daily cash allowance paid for the number of days a member is unable to work due to sickness or injury.Maternity Benefit. … Disability Benefit. … Retirement Benefit. … Death. … Funeral. … Salary Loan.