How to compute sss contribution

How to compute SSS pension? Who can pay SSS contribution? For employers and employees, here’s how to determine the monthly contribution using the SSS contribution table: 1. What is employer contribution?

On the leftmost column (“Range of Compensation” ), find the salary bracket where the current monthly income falls and.

If you’re an employer: Find your share of contribution for a. Generally speaking, your SSS contribution is of your monthly salary credit. But take note that of the monthly contribution, only 3. Your employer shoulders the remaining 7. Refer to this table to see how your SSS contributions are calculated. Based on the table of SSS contributions employer will pay: Employer SSS Contribution : P6Total SSS contribution remitted to employee: P4By looking at the table under the column of Range of Compensation just find the range of compensation that includes P2000.

Here is how to compute SSS contribution : 1. Use the Right SSS Contribution Table SSS provided several tables to use depending on which category you fall into.

Get your MSC Look at the right table and search which bracket under the range of compensation your salary fits in. Based from the new contribution schedule, the employee would be deducted Php 6and the employer (your company) would pay Php 2which is twice the employee’s contribution. Before the new contribution schedule was implemente employees who were earning at least Php 17a month were deducted Php 581.

The total amount of an employee’s SSS contribution is computed as of the monthly salary (not more than Php10), but this is actually shared between the employee and the employer – the employee shoulders 3. Based on the Credited Years of Service (CYS) The first formula is highly driven by the number of years you paid your contribution. Prepare two valid IDs. Go to an SSS branch.

Fill up their UMID application form. Submit the form to the verication counter. After verifying your documents, you’ll be instructed to proceed to the ID capture booth, fingerprint scanning and electronic. However, the SSS doesn’t allow members to make retroactive payments just so they qualify for a loan or benefit.

You can only continue paying for the succeeding months or in advance, but never for the past unpaid months. To compute for your monthly SSS contribution, check out this comprehensive infographic from SSS. A simple illustration would be someone who’s earning Php 17a month.

To emulate the table, simply create columns for the month of your salary, the salary bracket where your contribution will be based on, and use the formulas as shown. Guide on How To Compute Your Loanable Amount Under the SSS Salary Loan.

The result is your one-month salary loanable amount. Since the ceiling or cap of SSS monthly salary credit is pinned at ₱100 you are contributing the highest amount of ₱7every single month for years. So even if your salary is 10x more than the highest salary credit, still you are going to contribute ₱790.

So this is the SSS Contribution Table of SSS. Simply provide your monthly contribution and number of credited years of service to know your approximate pension amount. For employed member, monthly contribution is the total contributions paid by the member and the employer. Two-thirds of the contribution will be shouldered by the Employer, while the Member-Employee will shoulder the remaining one-third.

Using the “Per payroll (calculated monthly)” In using this payment, the system will be based on the employee’s “half.