SSS Contribution Rate Raised To 14% In 2023

The Social Security System (SSS) will increase members’ contributions to 14% starting January 2023, according to SSS President and Chief Executive Officer Michael G. Regino.

The 1% yearly increase was signed under Republic Act 11199 by former President Rodrigo Duterte in 2019. By 2025, members’ contributions will be at 15%.

“Starting January 1, 2023, the SSS contribution rate will be at 14%, a one percentage point increase from the current 13%. This is part of the implementation of the Social Security Act of 2018, and this will also be advantageous to the SSS members in the form of higher benefits,” the SSS said in a statement.

According to the SSS, the employer will shoulder the increase. However, voluntary members such as self-employed, voluntary, non-working spouses, and OFW members will shoulder the contribution.

Regino said the minimum and maximum monthly salary credits (MSC) will also increase. The MSCs are used as a basis to compute the monthly contribution of SSS members.

“The minimum MSC will become ₱4,000 from the current ₱3,000 while the maximum MSC will be increased to ₱30,000 from the current ₱25,000,” the SSS said.

Source: Inquirer.net