COTABATO CITY, Philppines – The Social Security System (SSS) office here are reminding its overseas Filipino worker, self-employed, and voluntary members to settle any contributions underpayment to ensure that their monthly premiums for January 2014 are aligned with the SSS Contribution Schedule.
Sukarno Pendaliday, branch head of SSS-Cotabato City, explained in a statement sent to Philippine Information Agency 12, that underpayments were due to monthly contributions that were paid in advance and based on the old SSS contribution rate of 10.4 percent and maximum monthly salary credit (MSC) of P15,000.
Starting January 2014, the contribution rate has increased by 0.6 percent to 11 percent, while the maximum MSC is currently P16,000.
Affected members include those who made advance payments prior to the announcement of the new SSS Contribution Schedule – such as self-employed and voluntary members –as well as members unaware of changes in the amount of contributions that took effect starting this year.
Self-employed and voluntary members who paid at the minimum MSC of P1,000 would have an underpayment of P6.00 per month.
As for affected OFW-members who paid contributions based on their minimum MSC of P5,000, their underpayment would amount to P30.00 per month.
ndaliday added that members may settle underpayments at any SSS branch with tellering facilities, which are open from Mondays to Saturdays, or in any of our accredited local banks.
They must use the SSS Form RS-5 and indicate that the amount paid is intended for settling their underpayment for the specified applicable months.
Affected self-employed, voluntary and OFW members with payments above the minimum MSC may opt to pay the corresponding increase in contributions to retain the posting of their payments at the same MSC. Otherwise, their contributions will be posted at the applicable lower MSC.
Members are also advised to immediately settle underpayments and put their contribution records in order to avoid issues arising from ‘out-of-bracket’ payments.
The MSC, which relates to the amount of the member’s monthly income covered by contributions, serves as a major basis for computation of benefits and loanable amounts.
Members can view the new SSS Contribution Schedule and the SSS Advisory showing the list of underpayment amounts per MSC at the SSS Website (www.sss.gov.ph).
Various SSS forms, including the RS-5 Form needed for settling contribution underpayments, are also downloadable from the SSS Website.
