How to know your monthly salary credit in SSS can get quite tricky. But with the latest news released by SSS regarding the updated SSS contributions schedule, this can easily be identified.
What is Monthly Salary Credit?
According to the SSS official website, Monthly Salary Credit (MSC) is the compensation base for contributions and benefits related to the member’s total earnings for the month, as indicated in the schedule in Section 18 of the SS Law.
What does it mean?
In layman’s term, a Monthly Salary Credit is the monthly salary that is acknowledged by SSS according to your actual monthly compensation or income.
For example, you work in an office with a monthly compensation of Php 24,800. Look at the table below and you will see that your compensation range is acknowledged by SSS as 25, 000 pesos which we call your Monthly Salary Credit.
If, for example, your salary is 80 000 pesos, that amount belongs to the range 29750 or over which is given the highest acknowledged salary by SSS which is 30 000 pesos.
After you successfully identify your Monthly Salary Credit, you can know how much your monthly contribution is or should be.
SSS Contribution Schedule 2023
Effective January 2023, SSS released the following updated contributions schedule for members.