WHYSPROUT+ SOLUTIONS ~ INDUSTRIES + CUSTOMER SUCCESS STORIES RESOURCES + MEETING Hore / 8 How Gans Your $8 Men Contbven in 2028 11m Sago, he Sprout Soluions chatbot GOVERNMENT UPDATES, LEGAL ALERTS How to Calculate Your SSS Monthlv Contribution iWHYSPROUT+ SOLUTIONS ~ INDUSTRIES + CUSTOMER SUCCESS STORIES RESOURCES + this guide to help you compute your monthly SSS contribution. Let's look at what. this beneft is all about and how to calculate it correctly. Who Can Contribute to the SSS Fund? Whether you work in the private sector or classify as an individual member, SSS gives you the necessary coverage. The agency offers compulsory and voluntary coverage to its members, You'te entitled to mandatory SSS coverage if you fall under the following classifications. 1. Business or household employer 2. Employee 3. Self-employed individual 4, Househelper or kasambahayWHYSPROUT+ SOLUTIONS ~ INDUSTRIES + CUSTOMER SUCCESS STORIES RESOURCES + same / op Howto alts You 86 Motny Canton mn 202 Remember, though, that you must have paid contributions as an employed, self- employed, or overseas Filipino worker (OW) member for at least a month to remit payments voluntarily. You won't be able to pay your monthly contribution if, you fail to meet this requirement. More importantly, you can remit your contribution after parting ways with your employer (and getting your final pay). New voluntary members can choose their monthly salary credit (MSC) from the current contribution schedule, regardless of their age and last posted MSC. You follow a self-employed member's payment schedule if you pay contributions voluntarily. How Much is My SSS Monthly Contribution for 2024? In January 2023, SSS raised its monthly contribution rate to 14% of the MSC.way sprours — soLUTIONS~ INDUSTRIES + CUSTOMER SUCCESS sToRIES RESOURCES ~ some / Howto Case or 5 Men Crem n 2023 For Employers & Employees To ensure a proper computation, you can use the latest SSS contribution table for employers and employees below.WHYSPROUT+ SOLUTIONS ~ INDUSTRIES + CUSTOMER SUCCESS STORIES RESOURCES + MEETING Here / 8 How GletsYou SSS Ment Canton n 2025 EWIPLUICR (en) ANY CML Tce (oe) esas ca “sent “ta cece a= tne a tt “sal ‘ea| ma) a ee a al “eal eaten so] men ea) =| tel fia etiaset mato rs) os ‘aca Teel ae =] ra He [sie is evs] Se ee =| se [ise]WHYSPROUT+ SOLUTIONS ~ INDUSTRIES + CUSTOMER SUCCESS STORIES RESOURCES + MEETING Here / 8 How GletsYou SSS Ment Canton n 2025 (Sa ae [La | | aS 4 @sssen QO puusss — @mvssseH — Ourassen —_@ rsssew uptes ® a | Image from sss Now, let’s look at how you should compute employee contributions. 1. Find the corresponding salary bracket for your monthly incorne in the “Range of Compensation” column, then get the equivalent MSC from the “Total” colurnn, 2. After identifying your income bracket and MSC, follow these steps: 41. For employers: Go to the ER colurnn and get your share of the contribution that matches an employee's MSC. 2. For employees: Get your monthly deduction from the EE column. Make sure that the amount matches your MSC.WHYSPROUT+ SOLUTIONS ~ INDUSTRIES + CUSTOMER SUCCESS STORIES RESOURCES + You can also calculate your SSS contribution with the following formula: MSC x Contribution Rat fotal Monthly Contribution f we compute the total monthly contribution using the formula above, well get: + 15,000 x 4.5% (employee's share) + P15,000 x 9.5% (employer's share) = P675 OR P15,000 x 0.045 = P675 425 OR P15,000 x 0.095 = 1.425 Also, SSS adds @ specific amount of Employees’ Compensation (EC) contribution to an employer's share. So, if the employer remits 1,425 every month, P30 wil be added to that amount. We can compute an employer's total share like this:WHYSPROUT+ SOLUTIONS ~ INDUSTRIES + CUSTOMER SUCCESS STORIES RESOURCES + For Self-Employed Members if you want to know how much you're contributing as a self-employed individual, the new SSS contribution table for 2023 below can help you get the right amount.WHYSPROUT+ SOLUTIONS ~ INDUSTRIES + CUSTOMER SUCCESS STORIES RESOURCES + MEETING Heme / 8 / Howe GletsYou SSS Ment Canton in 2025WHYSPROUT+ —SOLUTIONS~ INDUSTRIES + CUSTOMER SUCCESS STORIES RESOURCES + MEETING ore / 8 Hew Gans Your SS Men Corben n 2028 @ssseh O puss @mysssex —@vssspw —@ srssspn updotes Image from sss You can calculate your monthly contribution as a self-employed individual by following these steps: 1. Look for your monthly income bracket in the Range of Compensation column, 2. Go to the rightmost column of the Monthly Salary Credit section, then get your corresponding MSC. 3. Compute your monthly SSS contribution using this formula: MSC x Contribution Rate = Monthly Contribution Amount.WHYSPROUT+ SOLUTIONS ~ INDUSTRIES + CUSTOMER SUCCESS STORIES RESOURCES + 20,000 x 14% (current contribution rate) = P2,800 fowever, your computation doesn't stop there. If you've joined the agency's EC program, you can pay an extra P10 if your MSC is below P15,000 or P30 for an MSC amount of P15,000 and above. Just take note that you'll have to remit your EC contributions yourself. Now, let's take our sample monthly contribution amount and add it to its corresponding EC contribution. Self-employed individuals with an MSC of 20,000 pay P30 for their EC contribution Here's how we calculated the final contribution arnount: 2,800 + P30 = P2,830 When Should | Pay My SSS Contribution?WHYSPROUT+ SOLUTIONS ~ INDUSTRIES + CUSTOMER SUCCESS STORIES RESOURCES + + Ifyou're a regular employer, SSS accepts payments every last day of the next month: + Ifyou're self-employed, you must pay every last day of the following month or quarter. Self-employed members in the informal economy, like farmers and fisherfolk, can pay contributions anytime in the year. Streamline Your SSS Contribution Calculations Company growth and salary adjustments can make SSS contributions tricky to cornpute. By streamlining the way you calculate, you can reduce errors and boost your credibility. Sprout’s top-notch payroll inanagement platform helps make computations hassle-free so you focus an achieving your business goals.WHYSPROUT+ SOLUTIONS ~ INDUSTRIES + CUSTOMER SUCCESS STORIES RESOURCES + Get more content like this in your inbox! ‘Sign up for our newsletter to receive the latest on HR trends and best practices. 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