Nowadays, freelancing and entrepreneurship are becoming a popular way to earn income for different people. These types of work opened a lot of opportunities for many people especially for those struggling to follow an eight-to-five office routine. The advent of technology undeniably boosted the industry of freelancing as it gave freedom for companies or employers to commission different individuals just for a specific task. With freelancing and entrepreneurship, it changes the usual work life of an individual like avoiding the early morning routines just to commute and lessen the hassle of being late to work. Basically, freelancers and business owners became more flexible on how they live their lives. Although, they might have a disadvantage on not having a job security. However, these people earn more in contrast with employees. But like employees, they are required to pay the mandated fees by the government. For the former, it is easier as there are employers who manage the payment of the mandated employee contribution alongside with the employer’s share on such fees. For freelancers, business owners, and even Overseas Filipino Workers (OFWs), payment should be done voluntarily. If you are part of these types of income earners, this is the right guide for you as this will teach you how to pay SSS contribution if not privately employed.
How to Become an SSS Member
Under Republic Act No. 11199 or known as Social Security Act of 2018, self-employed and voluntary members, including OFWs, should pay their contributions in accordance with the prescribed contribution based on the salary brackets provided by the Social Security System (SSS). Here are the detailed steps on how to register as a voluntary SSS member.
- Self-employed persons are required to accomplish and submit a Self-Employed Data Record (SS Form RS-1). In cases wherein, he or she has no existing SS number, the form should be submitted with an original copy and photocopy of any primary or secondary document acceptable in securing an SS number.
- After having an SS number, you have the responsibility of paying your contributions on time. With that, you need to fill out the SS Form RS-5 or the Contributions Payment Return monthly or quarterly based on the prescribed schedule of payment given out by the SSS. For more information about the contribution schedule for each salary bracket.
- Create and register your My.SSS account at the SSS website provided that at least one month of your contribution is already confirmed and posted. By registering your SSS account on the website, it will enable you to have online access to your records which is helpful with the confirmation if your succeeding monthly contributions have been successfully processed or conflicts arose. This is also helpful in checking the status of claims when availing some of the SSS member’s privilege like applying for loans and many more.
How to Pay SSS Contributions
If you are now an SSS member and still confused on how to pay your required contribution, here is what you should know. Before deciding which payment channel to choose, you must know the most important step on how to pay SSS contributions. Whatever your chosen payment channel, a Payment Reference Number (PRN) is needed to be secured. This is system-generated number by the SSS which provided members a reference for their transaction. It is a part of the Real-Time Processing of Contributions (RTPC) program that ensures the immediate posting of the member’s contribution payments to their records. You might ask, where can I secure a PRN? Here are the ways to secure one.
- Through the SSS website, provided you have registered for an online account
- Visiting an SSS branch
- Via SSS Helpline at 920-6446 to 55; or
- Email at [email protected]
Take note that PRN processing might take a while, but this is a requirement as it serves as a reference when paying your contributions. You do not have to worry on the process time that much because the actual payment process is not a hassle at all. There are a variety of payment channels to choose from which makes payment of required contribution more convenient than ever. Traditionally, payments are made over-the-counter but through technology, the convenience of paying is brought to its members. This is a good news for voluntary contributors or busy individuals. So, here are the ways on how to pay SSS contribution after securing your PRN.
- SSS Tellering Branches
With over 120+ branches nationwide, you may try this method if you are not used to online payments. To know more about the list of its branches, you may visit this site.
- Through Partner Banks
If you have difficulty in locating an SSS Tellering Branch near you, you might opt to pay through partnered banks. Here is the list of banks to pay for your SSS contribution.
- Asia United Bank (AUB)
- Bank of Commerce (BOC)
- Bank One Savings Bank
- First Isabela Cooperative Bank (FICO Bank)
- Partner Rural Bank
- Philippine Business Bank (PBB)
- PNB Savings Bank
- Rural Bank of Lanuza
- Union Bank of the Philippines (UBP)
- United Coconut Planters Bank (UCPB)
- Wealth Bank
- Non-Bank Collecting Partners
There are two ways to pay through non-bank partners. First is over-the-counter and second is through online banking and mobile facility. For over-the-counter, here are the non-bank partners to choose from.
- CIS Bayad Center Inc. (CBCI)
- Electronic Commerce Payments Inc. (ECPay)
- SM Mart Inc.
For online banking and mobile facility, you can choose from the following.
- Bank of the Philippine Islands (BPI) Online
- Union Bank Online
- CIS Bayad Center, Inc. (CBCI) – there is an online website for CBCI in which you can transact without going to their branches and through usage of online payments.
- G-Xchange, Inc. (GCash)
- Over-the-Counter Payment Partners Abroad
OFWs may choose to pay on its bank or non-bank partners. Here is the list to choose from.
- Asia United Bank (AUB)
- Bank of Commerce (BOC)
- Philippine National Bank
- iRemit, Inc.
- Pinoy Express Hatid Padala Services, Inc.
- Sky Freight Forwarders, Inc.
- Ventaja International Corporation (VIC)
- LMI Express Delivery, Inc.
For more news and updates, you may want to visit the Facebook page of SSS.
Benefits of Being an SSS Member
SSS contribution is more than just a monthly or quarterly expense for income-earning individuals. Aside from knowing how to pay SSS contributions, you must know the benefits you have as its member. Basically, SSS is a social insurance program providing protection to its members and beneficiaries. Maternity, sickness, disability, retirement, death benefits, and different types of loans are some of the privileges which an SSS member can enjoy. It is like it is forcing you to save a little or join the pooling of funds to help you or the other members meet your individual financial needs in times of trouble or expand your alternatives. Just a little tip for those financially capable individuals, pay the maximum contribution if possible. In this government insurance program, the higher your contribution the higher the peso amount of benefits to enjoy.
If you are not yet ready to allot a portion of your income for contingencies, SSS is here to help you with your unexpected financial needs. Being an SSS member is like having someone save for you. You never know when you will need a huge amount of money for your needs like emergencies or needing funds for a once in a life opportunity to purchase a good house and lot or other real estate properties. With SSS, it helps you explore more financing alternatives especially in times in which you have not saved enough for your unexpected needs. Being a member or beneficiary of this government insurance program is more than just knowing how to pay SSS contributions. It highlights the importance of saving money especially for contingencies or new opportunities.