Tax Notes

Revised deadline for paying SSS contributions for July to December 2019

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IN ACCORDANCE with Social Security Commission Resolution 549-s 2019, the Social Security System (SSS) issued SSS Circular 2019-12 on Aug. 6, 2019, prescribing the deadlines for remitting contributions applicable for July 2019 onward, shown as follows:

Provided that:

1. Human Resources may pay in advance for, at most, one calendar year of applicable months.

2. For advance payment, only the contributions applicable to month(s) prior to the semester of contingency entitling the member or their beneficiary to any benefit from the SSS shall be considered in computing for such benefit, while contributions after the month of contingency will be refunded in case of a final claim or credited to their future accounts, in accordance with existing rules.

3. No contribution paid retroactively by an SE, LB-OFW, VM or NWS member shall be used in determining their eligibility for any benefit arising from a contingency wherein the date of payment is within or after the semester of contingency.

If the payment deadline falls on a weekend or holiday, the payment may be made on the next working day. Otherwise, penalties shall be imposed on late contribution payments at two percent per month.

This issuance is in relation to SSS Circular 2019-03-B, which laid down the remittance deadlines for January 2019 to June 2019.

Please be guided accordingly.

Source:
P&A Grant Thornton
Certified Public Accountants

 

As published in SunStar Cebu, dated 28 August 2019