Guide on SSS Contribution Rates 2024 for Voluntary Members of the Social Security System
SSS CONTRIBUTION RATES 2024 – Here are the premiums that voluntary members of the Social Security System must remit every month.
In the Philippines, the Social Security System which is one of the giant state-run social insurance institutions in the country opens its membership to individuals who want to make voluntary memberships. While most of its member populace are composed of locally-employed individuals in the private sector, it has some voluntary members including the non-working spouses of its members.
The Social Security System has been in the service of the Filipino people for decades already. It offers several SSS loans as well as benefits for its members. For eligibility to its offers, a member must meet the qualifications set by the state-run social insurance agency which requires a specific number of contributions posted.
The SSS contribution rates 2024 vary. The state-run social insurance institution has set different rates for voluntary members. One of the best ways to ensure the eligibility of an SSS account to the loans and benefit offers is to remit the right premium.
In the case of voluntary members of the Social Security System, here are the SSS contribution rates 2024:
As mentioned earlier, there are loans that the Social Security System offers for its members. Here are the loan offers and the eligibility criteria under each:
SSS Salary Loan
The SSS has crafted the Salary Loan offer to help meet the short-term financial needs of the members. Here are the qualifications in applying for the loan offer:
- have posted at least 36 monthly contributions in the SSS account
- have an updated account with regards to the payment of the monthly contributions
- 65 years old and below at the time of the loan application
- are currently employed, self-employed, or voluntary member of the SSS
- has not received any final benefit from the SSS
- has not been disqualified due to fraud committed against the SSS
Aside from the eligibility requirements stated above, there are also documentary requirements for SSS Cash Loan 2024 application.
SSS Housing Loan
The SSS has also designed a loan offer that its members may turn to for the financing of a house repair or home improvement project. Here are the qualifications under the loan offer:
- member must have posted at least 36 monthly contributions with 24 continuous contributions prior to the application
- not more than 60 years old at the time of application
- not previously granted a repair and/or improvement loan by the SSS or NHMFC
- not been granted final SSS benefits
- borrower and spouse is updated in the payment of their other SSS loan(s)
Just like the Salary Loan, there is also a set of SSS Housing Loan requirements that you must submit in applying for the loan offer.
SSS Calamity Loan
Another huge benefit in keeping an updated account is that you have the SSS Calamity Loan offer that you can turn to in times of natural disaster. It is open for an SSS member who meets the following criteria:
- resident of an area declared under a State of Calamity
- with at least 36 monthly contributions posted to SSS, six (6) of which posted within the last 12 months before the month of the application for SSS Calamity Loan
- If self-employed, voluntary, or land-based overseas Filipino worker (OFW), member must have posted at least six (6) monthly contributions under the current coverage/membership type before the month of the application for SSS Calamity Loan
- has not availed final benefits from the SSS
- has no outstanding balance in the SSS Loan Restructuring Program (LRP) or CLAP
To apply for the loan offer, prepare and submit the SSS Calamity Loan requirements for application. Make sure to submit all the documents required by the state-run social insurance agency so your loan application will be processed right away.