qnephilippiness-blog

[qnephilippiness-blog]

What is SSS Contribution Table?

Are you looking for information on how much you will have for the contribution to the SSS of your employees and yours? If you didn't know, the Philippine Social Security System (SSS) regularly publishes a contribution table and payment schedule so members know how much to pay each month. If you have an online business, this is important as the contribution table will be the basis for how much you have to deduct from your employees' wages for SSS each cut-off period. In this article, let's talk about the SSS monthly contribution table and payment schedule for 2022 to find out how much you need to contribute. Let us begin.

 What is the SSS quote table all about?

 The Social Security System officially publishes an SSS contribution table and payment schedule so that SSS affiliates know the specific amount they must pay per month according to their monthly salary (or compensation). To avoid a deficit or any error in the payment, the SSS strongly recommends its affiliates (self-employed, volunteers, household members and domestic employees) to periodically consult the contribution table and the new amounts (if there is any update) that they must pay.

Note that the SSS contribution table 2021 includes the mandatory pension fund for affiliates (for the Workers' Savings and Investment Program).

 What is the difference between the new and the old contribution rate?

The main difference between the old and new contribution rates is that the new contribution rates are intended to provide SSS affiliates with more benefits (pension payments) in the future. Therefore, if you compare the old and new contribution rates, you will notice that the new ones cover a greater part of the affiliate's monthly income. For the old rate, the employee/employer contribution is: 4% employee share + 8% employer share = 12% total For the new rate, the employee/employer contribution is: 4.5% employee share + 8 .5% employer share = 13% total In addition, the minimum and maximum monthly salary credit also changed. The old monthly salary credit ranges between 2,000 and 20,000 pesos while the new one ranges between 3,000 and 25,000 pesos.

 What is Accounting Automation?

Finance functions are increasing their use of accounting automation where it makes the most sense. The goal is to increase efficiencies and align with digital transformation initiatives, whether in the accounting and finance functions themselves, the business as a whole, or both.

But this is just a start, as technology continues to advance. Accounting professionals at all levels must be prepared for what happens next.

 Here's more on how automation and other technologies are revolutionizing finance and accounting work, as well as what you can do to stay relevant if you're an accounting clerk or job seeker.