The Social Security System has issued the Circular No. 2013-010 last October 2, 2013 related to the revised schedule of contributions, including the Maximum Monthly Salary Credit (MSCs) and corresponding amount of contributions effective in the applicable month of January 2014 to all Employers, Employees, Self-employed, Voluntary and Overseas Filipino Workers (OFW) members.
Upon recommendation of the Social Security Commission, the President of the Philippines has approved the increase of the contribution rate from 10.4% to 11%, and the MSC, from P15,000 to P16,000.
Please refer http://www.sss.gov.ph/sss/uploaded_images/circular/Circular2013_010_Hi.pdf of the full text of the Circular including the new SSS Contribution Schedule effective in the applicable month of January 2014.
Besides, the Philippine Health Insurance Corporation (PHIC) also issued last September 30, 2013 the Philhealth Circular No. 0027, s-2013 of the increase of premium contributions of all members effective January 2014.
Please refer http://www.philhealth.gov.ph/circulars/2013/circ27_2013.pdf of the full text of the Circular including the new Philhealth Contribution Schedule effective in the applicable month of January 2014.
The adjustments will increase the maximum daily allowance for illness, maximum daily allowance of maternity benefits, increase in monthly pensions for retirement pensions, decreases the withholding tax of employed employees and other related advantages.
We hope that the Bureau of Internal Revenue (BIR) / Department of Finance (DOF) / Legislature will also increase the Basic Personal Exemption and Additional Exemption for Dependents of Individual Taxpayers.
