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SSS members can make 'salary' or 'calamity' loans. Salary loans are calculated based on a member's particular monthly salary credit. Calamity loans are for instances when the government has declared a state of calamity in the area where an SSS member lives, following disasters such as flooding and earthquakes. PESO Fund
Wage and salary earnings from covered employment, up to an amount determined by law (see tax rate table), are subject to the Social Security payroll tax. Wage and salary earnings above this amount are not taxed. In 2023, the maximum amount of taxable earnings is $160,200.
It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit. In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer.
Members of SSS who experienced accident or death due to work activity, can also claim for double compensation under the Employees' Compensation (EC) programme. SSS also allows its members to apply for salary loans, based on their monthly salary and calamity loan, if their place is declared as "state of calamity" by the government.
Principal loan amount x interest rate x loan term = interest. For example, if you take out a five-year loan for $20,000 and the interest rate on the loan is 5 percent, the simple interest formula ...
The Primary Insurance Amount (PIA) is a component of Social Security provision in the United States. Eligibility for receiving Social Security benefits, for all persons born after 1929, requires accumulating a minimum of 40 Social Security credits.
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