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The Philippine Social Security System (SSS) Employee Contribution Increase Effective 2021
Updated: 2021-01-01T06:43:50Z

 

Effective January 2021 the employee SSS contribution will increase. The lowest contribution amount will be Php135 and the ceiling contribution is Php900.

The Philippine Social Security System (SSS) Employee Contribution Increase Effective January 2021

 

The reason for this another contribution hike is to sustain the fund's life because of the Php1,000 pension increase in 2017.

 

Also, SSS added a new mandatory contribution for employees earning a monthly salary of Php22,250 and above (monthly salary credit of Php20,000). The Workers' Investment and Savings Program (WISP), as per SSS, is a "safe, convenient, and tax-free individual retirement savings plan,". A form of second layer protection aside from the regular pension plan. The lowest WISP contribution amount will be Php22.50 and the ceiling contribution is Php225.

 

For example, if your monthly salary hits the ceiling contribution, you will be deducted a total of Php1,125 a month. Php900 for the regular SSS contribution and Php225 for the WISP.

 

 

 

This contribution set up will be used until the end of 2022. Come 2023, SSS will implement another increase, which will be valid until 2024. And another round again in 2025. Aside from SSS, PhilHealth will also implement its own contribution increase this 2021 until 2025.



Click here to view the Social Security System (SSS) Employee Contribution Calculator from 2021 to 2022.


Click here to view the PhilHealth Contribution Calculator for 2021.

 

 

 

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"We cannot realize financial reconstruction and enhance social security without a strong economy."
Yoshihide Suga
 
 
 
- Your Life In Perspective by ÆlfRæd (Elf Counsel)

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