The Philippine Social Security System (SSS) has released the updated table of contributions which covers Overseas Filipino Workers (OFWs).
This, in connection with the implementation of mandatory payments by OFWs as required under Republic Act 11199 recently signed by President Rodrigo Duterte.
From the current 11% monthly contribution, SSS members and their employers will now be paying a 12% contribution as stated in the new law, the SSS Rationalization Act.
The statute also requires OFWs to be SSS members to ensure social security protection.
The lowest monthly contribution for OFWs is Php 960 as minimum monthly salary credit is pegged at P8,000.
The new contribution schedule will be effective April 1 and payable in May 2019.
