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 MalacaƱang’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

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