ADVERTISEMENT
Palawan Daily News
  • Home
  • Latest News
    • City
    • Provincial
    • National
    • Regional
  • Advertise
  • Online Radio
  • Opinion
  • Legal Section
  • Lifestyle
  • About the PDN
    • Contact Us
    • Ownership and Funding
No Result
View All Result
Palawan Daily News
  • Home
  • Latest News
    • City
    • Provincial
    • National
    • Regional
  • Advertise
  • Online Radio
  • Opinion
  • Legal Section
  • Lifestyle
  • About the PDN
    • Contact Us
    • Ownership and Funding
No Result
View All Result
Palawan Daily News
No Result
View All Result
Home Press Release

SSS to implement new contribution schedule, Workers’ Investment and Savings Program starting January 2021

SSS by SSS
December 28, 2020
in Press Release, SSS
Reading Time: 3 mins read
A A
0
Pinalawig ng 180 araw ang bisa ng SSS-issued LBP checks mula Hulyo-Disyembre 2020
Share on FacebookShare on Twitter
Print Friendly, PDF & Email

The Social Security System (SSS) said its new contribution schedule and Workers’ Investment and Saving Program (WISP) will be implemented starting January 2021 pursuant to Republic Act No. 11199 or the Social Security Act of 2018.

In a virtual press conference held today, SSS President and CEO Aurora C. Ignacio said that the SSS’ contribution rate would be set at 13 percent from the current 12 percent next year.
She added that the minimum monthly salary credit (MSC) would be adjusted to P3,000 from the current P2,000, except for Kasambahay and OFW members whose minimum MSC will respectively remain at P1,000 and P8,000, while the maximum MSC will be at P25,000 from P20,000.
“As to the contribution share of the employer and employee, the additional one percent will be equally divided, thus the employer share will be at 8.5 percent from 8 percent, while the employee share will be at 4.5 percent from 4 percent. It applies to employed members, land-based OFW members in countries with Bilateral Labor Agreements with the Philippines, and sea-based OFW members,” Ignacio said.
Historically, from 1980 to 2016, the contribution rate was increased only four times, while pensions were increased 22 times, Ignacio explained.
Further, in 2017, a P1,000 additional monthly benefit was implemented for all pensioners without a corresponding adjustment in the contribution rate, which caused a reduction in the SSS fund life of 10 years.
“Thus, a year later, the Social Security Act of 2018 was enacted. The new law provided, among others, a schedule of increases in contribution rate as well as the minimum and maximum MSCs up to 2025. Upon full implementation, the reforms under it will offset the adverse financial impact of the additional monthly benefit granted in 2017,” Ignacio said.
During the press conference, the topic of the second tranche of the P1,000 pension increase was also discussed.
Ignacio said that the SSS understands its pensioners’ plight and recognizes the good intention of granting the second tranche of the P1,000 additional monthly benefit. However, to grant such additional benefit allowances, the actuarial soundness of the SSS must be guaranteed through thorough studies, especially now that there is a pandemic and the collection of SSS contributions experienced a significant decline.
“We must ensure that our current and future generation of members, pensioners, and their beneficiaries have access to social security protection through the programs that the SSS offers,” Ignacio said.
On the other hand, the SSS also presented the features of the WISP, a safe, convenient, principal-protected, and tax-free individual retirement savings plan, which will serve to augment member savings from the regular program.
Since the regular program puts a cap of P20,000 MSC in calculating benefits, the WISP will cover the contributions more than the P20,000 MSC up to the prescribed maximum MSC.
Coverage under the WISP will be automatic to all private-sector employees, self-employed individuals, OFW, and voluntary members who have no final claim in the regular SSS program, have contributions in the regular SSS program, and have an MSC that exceeds P20,000.
Contributions in WISP shall be paid together with contributions in the regular SSS program.
“It allows faster accumulation of a worker’s savings because of the employer share in the contribution. Moreover, WISP contributions will be invested following the principles of safety, high yield, and liquidity, and as provided under the SS Act of 2018, which will yield additional pension income for contributing members,” Ignacio said.
Earnings realized from them will be distributed proportionately based on the member’s contribution.
The total accumulated account value (AV) of the member under the WISP will be the basis of his/her additional benefits, which will be given at the same time during his/her retirement, total disability, and/or death benefits.
Benefits will be given in annuity or lump sum, depending on the manner of payment of his/her benefit under the regular SSS program.
The annuity will be given in the form of a fixed amount monthly pension, to be paid until the member’s AV is fully settled, covering at least 15 years.
Upon the death of a WISP pensioner, any remaining balance in the accumulated AV will be paid to his/her beneficiary in lump sum.

For more information follow the SSS on Facebook at “Philippine Social Security System,” Instagram at “mysssph,” Twitter at “PHLSSS,” or join the SSS Viber Community at “MYSSSPH Updates.”

RelatedPosts

PDN and Petrosphere join Pista Y’ Ang Cagueban held at Brgy. Montible, PPC

Marching with love: honoring military mothers

Pillar behind the brave

Share51Tweet32
Previous Post

Ano nga ba ang programang E-CLIP ???

Next Post

Panghoholdap sa isang PWD, hindi totoong naganap – P/Lt. Elona

SSS

SSS

Related Posts

PDN and Petrosphere join Pista Y’ Ang Cagueban held at Brgy. Montible, PPC
Press Release

PDN and Petrosphere join Pista Y’ Ang Cagueban held at Brgy. Montible, PPC

July 1, 2025
Vm- elect gastanes, binanatan ang liga ng mga barangay: ” Mag move-on na tayo”
Press Release

Marching with love: honoring military mothers

May 26, 2025
Vm- elect gastanes, binanatan ang liga ng mga barangay: ” Mag move-on na tayo”
Press Release

Pillar behind the brave

May 26, 2025
Nearly 500 join petrosphere’s global webinar for world day for safety and health
Press Release

Nearly 500 join petrosphere’s global webinar for world day for safety and health

May 2, 2025
Birds in paradise
Press Release

Birds in paradise

October 28, 2024
The youth as sentinels of the west philippine sea: our seas, our rights, our future
Press Release

The youth as sentinels of the west philippine sea: our seas, our rights, our future

October 28, 2024
Next Post
Panghoholdap sa isang PWD, hindi totoong naganap – P/Lt. Elona

Panghoholdap sa isang PWD, hindi totoong naganap - P/Lt. Elona

Bagong strain ng COVID-19, hindi hahayaang makapasok sa Lalawigan ng Palawan

Bagong strain ng COVID-19, hindi hahayaang makapasok sa Lalawigan ng Palawan

Discussion about this post

Latest News

Mga Munisipyo sa Palawan, nakatanggap ng tig-iisang bagong Patient Transport Vehicle Unit mula sa PCSO

Magna Cum Laude, Made in the margins

July 10, 2025
Mga Munisipyo sa Palawan, nakatanggap ng tig-iisang bagong Patient Transport Vehicle Unit mula sa PCSO

Puerto Princesa mulls creation of flood control task force

July 10, 2025
Mga Munisipyo sa Palawan, nakatanggap ng tig-iisang bagong Patient Transport Vehicle Unit mula sa PCSO

Mga bagong halal na opisyales ng Tourism Office, pormal nang nanumpa sa harapan ni Gob. Alvarez

July 10, 2025
Mga Munisipyo sa Palawan, nakatanggap ng tig-iisang bagong Patient Transport Vehicle Unit mula sa PCSO

Limang kalalakihan, tiklo sa ilegal na tupada sa Puerto Princesa

July 10, 2025
Mga Munisipyo sa Palawan, nakatanggap ng tig-iisang bagong Patient Transport Vehicle Unit mula sa PCSO

Mga Munisipyo sa Palawan, nakatanggap ng tig-iisang bagong Patient Transport Vehicle Unit mula sa PCSO

July 10, 2025

POPULAR NEWS

  • Igorot hunks plant tree seedlings in Yamang Bukid Farm

    Igorot hunks plant tree seedlings in Yamang Bukid Farm

    15002 shares
    Share 6001 Tweet 3751
  • ‘Rizal is still relevant in a modern society’

    11214 shares
    Share 4486 Tweet 2804
  • Aktres na si Maja Salvador, sa Puerto Princesa inabutan ng quarantine

    10265 shares
    Share 4106 Tweet 2566
  • Palawan ranks 2nd for 2020 Hottest Destination in the world

    9648 shares
    Share 3859 Tweet 2412
  • Everything you need to know about ukay-ukay and its illegality

    8999 shares
    Share 3600 Tweet 2250
Palawan Daily News

© 2025 All Rights Reserved. Alpha Eight Publishing

Navigate Site

  • Home
  • Latest News
  • Advertise
  • Online Radio
  • Opinion
  • Legal Section
  • Lifestyle
  • About the PDN

Follow Us

No Result
View All Result
  • Home
  • Latest News
    • City
    • Provincial
    • National
    • Regional
  • Advertise
  • Online Radio
  • Opinion
  • Legal Section
  • Lifestyle
  • About the PDN
    • Contact Us
    • Ownership and Funding

© 2025 All Rights Reserved. Alpha Eight Publishing