The Social Security System said Thursday its new contribution schedule and Workers’ Investment and Saving Program will be implemented in January 2021 pursuant to Republic Act No. 11199, or the Social Security Act of 2018.
SSS president and chief executive Aurora Ignacio said that the SSS contribution rate would be raised to 13 percent next year from 12 percent this year.
She said the minimum monthly salary credit would also be adjusted to P3,000 from P2,000, except for Kasambahay and OFW members whose minimum MSC will respectively remain at P1,000 and P8,000, while the maximum MSC will be at P25,000 from P20,000.
“As to the contribution share of the employer and employee, the additional one percent will be equally divided, thus the employer share will be at 8.5 percent from 8 percent, while the employee share will be at 4.5 percent from 4 percent. It applies to employed members, land-based OFW members in countries with Bilateral Labor Agreements with the Philippines, and sea-based OFW members,” Ignacio said.
The SSS said that from 1980 to 2016, the contribution rate was increased only four times, while pensions were increased 22 times.