A new Social Security System (SSS) contribution rate has been implemented in 2023 in compliance with the provisions given by Republic Act (RA) No. 11199, otherwise called the Social Security Act of 2018, which orders an increased SSS Contribution rate starting on the January of the year when it was implemented.
SSS Contribution Rates for 2023
The new SSS contribution rates are as follows:
SSS president and CEO, Mr Michael Regino made a statement last year on December 20, 2022; where he clarified that these new rates are part of the “four-stage” contribution rate hike following RA 11199 and is meant to solidify a viable pension fund for its members that would have a life span reaching up to 2054.
The Social Security Commission (SSC) Resolution No 751-S 2022 released on November 25, 2022, reveals that the new contribution rate will get a 1 percent increase. The previous 13% rate has become 14% since January 1, 2023, this change is stated to aid SSS members to increase their retirement savings via the mandatory provident fund program or the Worker’s Investment and Savings Program (WISP).