Update 9/25/2013: The President has approved of the new SSS contribution table for 2014, with 0.6-percentage-point increase in member contributions to be paid for by employers and their workers. Check it below, applicable starting January 2014.
Speaking about the SSS estimated unfunded liability as of 2011 at 1.1 trillion pesos, the President said:
“The solution? A little sacrifice. Right now, the SSS contribution rate is 10.4%. This is very low. The international standard is at 14.1%…Now, if we just add 0.6% to the contribution rate and increase it to 11%, we can immediately reduce SSS’s unfunded liability by 141 billion pesos.”
The move to increase SSS premiums will result “in a 7% increase in benefits. We are undertaking governance reforms such as this to fortify our institutions, and to ensure their long-term benefits for our citizens,” the President added.
New SSS Contribution Table 2014
SSS President Emilio de Quiros, in an interview over ANC, said that they’re still waiting for the final order from the Palace before releasing the contribution rate. Check the schedule of contributions below:
Here’s the current SSS contribution table for employed, voluntary, OFW members until December 2013:
With the increase in SSS monthly contributions, de Quiros said that they plan to hike the monthly salary credit ceiling from P15,000 to P16,000. Also, pension will also go up to more than P13,000 from the current P12,000 and burial benefit of deceased members to P30,000 or P40,000 from the current P20,000. Credits to SSS website.