Increase in Social Security System (SSS) contribution rates

The Philippine Social Security System (SSS) protects its members financially in case of illness, unemployment, childbirth/miscarriage, disability, retirement, or death. In 2023, key changes to the SSS Contribution Schedule, following the implementation of the SOCIAL SECURITY ACT OF 2018, apply. Based on SSS Circulars No. 2022-033, 034, 035, 036, and 037 signed by SSS President and CEO Michael G. Regino, the contribution rate for members in 2023 is 14 percent, one percent higher than in the previous year.
The new law also increased the minimum monthly salary credit (MSC) from ₱3,000 in 2021 to ₱4,000 in 2023, of which the employee pays 4.5 percent through monthly salary deductions, while the employer shoulders the remaining 9.5 percent. Unaffected by this change are Kasambahay (house helpers) and Overseas Filipino Workers, whose minimum MSC will remain at ₱1,000 and ₱8,000, respectively. 
The monthly salary credit to be considered for the computation of benefits under the regular social security program is capped at ₱20,000. However, contributions that correspond to the monthly salary credit in excess of ₱20,000 will go to the Worker´s Investment and Savings Program (WISP), which is a provident fund that will yield additional pension income for its contributing members.

 From The Newsletter


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