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Friday, January 3, 2014

SSS and PhilHealth Declares Increase to Contribution Rates

Effective on Jan. 2014 PhilHealth members who are currently employed will now contribute Php 200/month from only Php175 last year while self-employed members will shell out Php 200/month from Php 150. Monthly contributions of all SSS members rose to 11% from 10.4% equivalent to at least Php 285 for an employee whose monthly compensation is from Php 2,250 to Php 2,749, aside from the higher sin taxes, transport fares and gasoline. The new contribution schedule has affected the estimated 30 million individual members and 871, 642 employers of SSS. For minimum wagers in National Capital Region their new SSS monthly contributions will Php 945/month of that amount Php 308 is shared by the employee while employer will shell out Php 636.2. Employees who earn more than Php 15,750/month their contributions increased to Php 1,790 which will also shared by the employer Php 581.3 and employer Php 1,208.7. On the other hand a much lower contribution rate increase was imposed on self-employed, voluntary members and members who are Overseas Filipino Workers (OFW). But despite the increase SSS insisted that the new contribution rate is still not enough to support the ideal required buffer for any pension fund to sustain its benefit extended to pensioners.           
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