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The Social Security System (SSS; Filipino: Paseguruhan ng mga Naglilingkod sa Pribado) [4] is a state-run social insurance program in the Philippines to workers in the private, professional and informal sectors. SSS is established by virtue of Republic Act No. 1161, better known as the Social Security Act of 1954.
The unemployment benefit of the SSS also covers the kasambahay (housemaids) as well as Overseas Filipino Workers (OFWs; Filipino migrant workers).Claimants should have made 36 monthly contributions to the SSS, 12 months of which should be in the 18-month period immediately preceding the month of involuntary separation.
In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [1] [2] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of ...
1. We Can't Pay You More. It isn't that your bosses can't pay you more: It's that they won't. According to Geoffrey James, author of "Business Without the Bulls***," a company with any cash flow ...
The entrance and logo of a Social Security Office in Pasadena, California U.S., March 14, 2017.
Your employer, according to the IRS, is required to provide or send Form W-2, known as a "Wage and Tax Statement" to you no later than Jan. 31.
Notes: Tax rate is the sum of the OASDI and Medicare rate for employers and workers. In 2011 and 2012, the OASDI tax rate on workers was set temporarily to 4.2% while the employers OASDI rate remained at 6.2% giving 10.4% total rate. Medicare taxes of 2.9% now (2013) have no taxable income ceiling. Sources: Social Security Administration [12] [13]
He also supervised the decentralization process of SSS operations, which speeded up processing of loans and benefits, and increased registration of wage earners and employers especially in rural areas. The decentralization move had also allowed members to remit payments through authorized banks.