CONTRIBUTION RATES OF SSS MEMBERS INCREASED

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Social Security System (SSS) members as well as their employers will have to shell out some more, as the country’s state pension provider will implement a 0.6 percent increase in its current 10.4 percent monthly contribution rate, setting the new rate at 11 percent effective January next year (2014). The impact on the other end will also increase the monthly salary credit from P15,000 to P16,000 of each member also increasing their maximum salary loanable amount to P60,000. The MNC is the compensation base that determines both the amount of monthly contributions to be paid by the member and the amount of benefits to be derived.

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