GUIDE: New SSS Contribution Payment Scheme for Self-Employed in Informal Economy
Farmers and fishermen are given more flexibility in paying their monthly contributions as the Social Security System will soon roll out a new payment scheme for self-employed individuals in the informal economy.
The new contribution payment schedule will allow farmers, fisherfolk, and other self-employed individuals in the informal economy to pay their contributions for any of the last 12 months in the current month.
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For example, those who will pay their contributions for October 2022 can still pay their contributions for October 2021 to September 2022.
Under the current payment scheme, self-employed individuals who will pay their contributions on Oct. 31, 2022 can only pay for the months of July to September 2022.
“We want to help our farmers and fishermen to have social security coverage from SSS. They are among the most vulnerable members of our society," said SSS President and Chief Executive Officer Michael Regino.
The new payment scheme is aligned with the harvesting seasons of farmers and fishermen, during which they can earn money to pay their SSS contributions for all months in a year, according to Regino.
"By offering them a flexible way of paying their SSS premiums, we provide them greater opportunity to pay social security contributions for all months of a year for full protection through the various benefit and loan programs of SSS,” he added.
Self-employed SSS members are entitled to social security benefits such as sickness, maternity, retirement, disability, funeral, and death. They also qualify for loan programs, including salary, calamity, and educational assistance.
Aside from SSS coverage, self-employed members are also covered by the the Employees’ Compensation Program for work-related contingencies.
SSS contributions can be paid through digital payment platforms such as the SSS Mobile App, Bayad or GCash mobile apps, and ShopeePay, or through the internet banking facility of the Security Bank and Union Bank of the Philippines for those with existing deposit accounts.
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