Stay Informed: Understanding the SSS Contribution Table for 2024
The Social Security System (SSS) plays a vital role in the Philippines, providing social security benefits to Filipino workers. Contributing to the SSS is crucial to ensure future benefits like retirement pensions and disability benefits. This blog post focuses on the SSS contribution table for 2024, helping you understand contribution amounts and employer-employee breakdown.
Key Points About SSS Contributions in 2024:
- Contribution Rate: The SSS contribution rate remains at 14% for 2024.
- Employer and Employee Share: This 14% contribution is split between employers (9.5%) and employees (4.5%).
- Minimum and Maximum Salary Credit: The SSS contribution is based on your monthly salary credit (MSC), with a minimum of ₱4,000 and a maximum of ₱30,000.
Understanding the SSS Contribution Table 2024:
The SSS contribution table outlines the specific contribution amounts based on your monthly salary credit. Here’s a simplified breakdown:
| Monthly Salary Credit (MSC) | Employer Contribution (9.5%) | Employee Contribution (4.5%) | Total Contribution |
| ₱4,000 | ₱380.00 | ₱180.00 | ₱560.00 |
| ₱5,000 | ₱475.00 | ₱225.00 | ₱700.00 |
| ₱10,000 | ₱950.00 | ₱450.00 | ₱1,400.00 |
| ₱15,000 | ₱1,425.00 | ₱675.00 | ₱2,100.00 |
| ₱20,000 | ₱1,900.00 | ₱900.00 | ₱2,800.00 (Maximum Employee Contribution) |
| ₱25,000 | ₱2,375.00 | ₱2,800.00 (Maximum Employee Contribution) | ₱4,275.00 |
| ₱30,000 (Maximum MSC) | ₱2,850.00 | ₱2,800.00 (Maximum Employee Contribution) | ₱4,230.00 |
Important Notes:
- The table reflects the maximum employee contribution of ₱2,800, even for salary credits exceeding ₱20,000.
- Only the employer contribution continues to increase for salary credits above ₱30,000.
- You can find the official SSS contribution table on the SSS website: https://www.sss.gov.ph/sss/appmanager/pages.jsp?page=scheduleofcontribution
By understanding the SSS contribution table, you can ensure you and your employer are making the correct monthly contributions. Remember, consistent contributions are essential for maximizing your future SSS benefits.