What is SSS contribution?
SSS short for Social Security System is an insurance program mandated by the Philippine government to cover all income earners or workers in the private sector. SSS was created to provide private employees and their families with protection against disability, sickness, old age, and death.
How is SSS contribution(s) calculated?
SSS contribution(s) is calculated by referring to the official SSS contribution schedule. You may refer to the latest released schedule here: SSS Contribution Schedule (January 2021)
Note: The HReasily system automatically calculates the contribution(s).
Employee basic pay is P20,500 per month.
Based on the table of SSS contributions employee will pay: Employee SSS Contribution + Employee Mandatory Provident Fund: P922.50
Based on the table of SSS contributions employer will pay: Employer SSS Contribution + Employer Compensation + Employer Mandatory Provident Fund: P1,722.50
Total SSS contribution remitted to employee: P2,695
By looking at the table under the column of Range of Compensation just find the range of compensation that includes P20,500.
SSS contribution table:
ER - Employer’s contribution
EE - Employee’s Contribution
EC-ER - Employee’s Compensation Program
SE - Self Employed
VM - Voluntary Members
OFW - Overseas Filipino Worker
New SSS Contribution Table Effective January 2021