You may be wondering how you can check if your mandatory contributions are accurately deducted from your monthly pay. If your company’s HR team still computes for these contributions manually, you may see disputes or errors in computation – it pays to check your deductions every time you get paid.
In this article we’ll take a closer look at the Social Security System’s mandatory contribution schedule for employed individuals, which was recently updated this year. SSS released the new contribution rates in April 2019 and these new rates reflect increases across the board.
To compute for your monthly SSS contribution, check out this comprehensive infographic from SSS.
A simple illustration would be someone who’s earning Php 15,750 a month. Based from the new contribution schedule, the employee would be deducted Php 640 and the employer (your company) would pay Php 1,280 which is twice the employee’s contribution. Before the new contribution schedule was implemented, employees who were earning at least Php 15,750 a month were deducted Php 581.30 for their SSS contributions. The new rates represent a 10 percent increase in contributions for all affected employees.
Payroll software such as Sprout Payroll automates these mandatory deductions, so there’s less room for human error and less stress for both HR teams and employees. Learn more about Sprout Payroll by booking a demo today.
The post How to Compute Your SSS Contribution (Updated for 2019) appeared first on Sprout.
source https://sprout.ph/blog/compute-sss-contribution-updated-2019/
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