The Social Security System (SSS) contribution is a mandatory payment made by employees and self-employed individuals in
| Founded year: | 2017 |
| Country: | Philippines |
| Funding rounds: | Not set |
| Total funding amount: | Not set |
Description
The Social Security System (SSS) contribution is an essential component of the social security program in the Philippines, aimed at providing financial security for workers and their families. Mandatory for both employees and self-employed individuals, these contributions are used to fund various benefits, including retirement pensions, disability allowances, maternity benefits, and death benefits for the member's beneficiaries.Contributions are calculated based on a member's monthly salary and are shared between the employer and the employee in the case of employed individuals. Self-employed individuals are responsible for the full contribution. The SSS periodically reviews and adjusts contribution rates to ensure the sustainability of the fund and to enhance the benefits available to members.
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