SSS Newly Updated Contribution Table for 2019

The Social Security Act of 2018 or the Republic Act No. 11199, which is “an act rationalizing and expanding the powers and duties of the Social Security Commission to ensure long-term viability of the Social Security System”, a new SSS contribution schedule will take effect starting April 2019.

Below is a quick rundown of the important changes brought about by this law:

1. Empowers the Social Security Commission to raise benefits, condone penalties, rationalize investments, among others
2. Ensures the compulsory SSS coverage in favor of overseas Filipino workers (OFWs)
3. Gradual increase of monthly contributions from the current 11 percent to an additional 1 percentage point starting on the year of implementation until it reaches 15 percent in 2025
4. Gradual adjustment of the minimum and maximum monthly salary credit
5. Displaced workers will get financial assistance from SSS in the form of cash equivalent to half of their average monthly salary credit for two months
6. Lowered the penalty rate for late payment of contributions to 2 percent from the current 3 percent, and condonation of penalties will no longer require Malacañang’s approval

For reference, below are the new SSS contribution tables for 2019 which takes effect starting April 2019:

How to Generate Passive Income this 2018

“Don't let the opinions of the average man sway you. Dream, and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand." -- Robert G. Allen

Cost-Effective Ways to Purchase Overseas Stocks

Successful investors, over time, have stressed on the importance of not putting all your eggs
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If you ignore investment opportunities outside of the country, you are basically missing out on a significant chunk of the developed global investable stock market. It comes as no surprise that an increasing number of Americans are looking at investing in foreign shores, although not everyone know how to make their trades cost-effectively.

How To Raise Financially-Savvy Children in the Philippines

Parenthood is a unique career. You don't get to resign. You're not entitled to retire. It's a role that you commit yourself into until the end. Your child may have attained the age of majority, started paying his taxes, and have settled down with a family of his own, but your guidance as a parent remains as important as ever. It's your task to ensure that the lessons you impart will serve them in the future.

In the Filipino culture, children tend to live under the protection of their parents even when they reach adulthood. The Filipino family, in consonance with Asian practices, is close-knit. While this strengthens kinship, the safety net offered by an ever-supportive family can be detrimental to a child's readiness to face the challenges of the “real world.”

Help your child make sound financial decisions when he enters college and embarks into adulthood. Here are invaluable tips for you.

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As a car owner, you’re bombarded with many decisions – oftentimes small ones – concerning your vehicle and its needs. What brand of gasoline will give me the best mileage for its cost? How dark should the window tints be? Should I keep the leather upholstery bare or cover it up? What kind of gadgets will make my driving experience better? Is my car tire still fine or do I need to have it replaced already? What should I do with the scratches and paint chips?