How Long Do I Need To Pay My SSS Contribution?

What will happen to my SSS contribution if I stop paying?

A self-employed person who fails to register with the SSS may be subjected to fines and/or imprisoned.

Self-employed and voluntary members may pay their monthly contributions prospectively or in advance, but never retroactively to cover month/s when no contribution payments were remitted..

How much is the minimum SSS contribution for voluntary?

Voluntary members and self-employed members need to pay 11% of their monthly salary credit, based on the amount they declared upon registration. OFWs pay a minimum monthly salary credit of P5,000. Contributions for non-working spouses are based on 50% of the working spouse’s last posted monthly salary credit.

How much is the monthly contribution in SSS for voluntary?

For self-employed and voluntary members, the contribution rate is 11% of the monthly salary credit (MSC) based on the monthly earnings declared at the time of registration. For OFWs, the minimum monthly salary credit is pegged at ₱5,000.

Can I pay previous months in SSS?

There’s no penalty for individual members who fail to pay their contribution for a certain period. However, the SSS doesn’t allow members to make retroactive payments just so they qualify for a loan or benefit. You can only continue paying for the succeeding months or in advance, but never for the past unpaid months.

How much is SSS contribution for unemployed?

RA 11199, which requires SSS to pay unemployment benefits to jobless members, is the same law that raises the SSS contribution rate from 11% to 12% in 2019, 13% in 2021, 14% in 2023, and 15% in 2025. Two-thirds of the increase will be shouldered by the employer, while one-third will be deducted from the employee.

Can I pay my SSS contribution for 1 year?

Any payment for one, two, or all months of a quarter may be made. If you are an OFW, your payment of contributions for the months of January to December of a given year may be paid any time within the same year.

Is SSS payment extended?

The new extension covers contribution payments of all household employers, self-employed, voluntary and non-working spouse members for the first quarter of 2020, and contribution payments of all regular employers for February, March, and April 2020.

What is the retirement age in SSS?

60 years oldA member is qualified to avail of this benefit if: Member is 60 years old, separated from employment or ceased to be self-employed, and has paid at least 120 monthly contributions prior to the semester of retirement.

When can I stop paying SSS contributions?

You can stop paying contribution after you make a final SSS benefit claim for total disability or retirement. You can file for optional retirement when you’re 60 years old and unemployed. If you’re 65 or older and still working (or not), you’ll qualify for technical retirement and won’t need to pay SSS contribution.

Can I still pay SSS contribution late?

“For self-employed, voluntary, and non-working spouse members, they can pay their SSS contributions for the applicable months of January, February and March 2020, or the first quarter of 2020 until June 1, 2020. …