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  • Assignment 2 HRM

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    Jenny Carzano
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    The document discusses the contribution rates and computation process for the Philippines' Social Security System (SSS). The SSS contribution rate is 13% of an employee's monthly salary up to P25,000, with 8.5% paid by the employer and 4.5% by the employee. For example, an employee earning P10,000 per month would have P1,310 contributed total, with P450 coming from the employee and P850 from the employer. Using payroll software can simplify these SSS computations for employers as company size and salaries change over time.

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    ASSIGNMENT-2-HRM

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    The document discusses the contribution rates and computation process for the Philippines' Social Security System (SSS). The SSS contribution rate is 13% of an employee's monthly salary up to P25,000, with 8.5% paid by the employer and 4.5% by the employee. For example, an employee earning P10,000 per month would have P1,310 contributed total, with P450 coming from the employee and P850 from the employer. Using payroll software can simplify these SSS computations for employers as company size and salaries change over time.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    2 views2 pages

    Assignment 2 HRM

    Uploaded by

    Jenny Carzano
    The document discusses the contribution rates and computation process for the Philippines' Social Security System (SSS). The SSS contribution rate is 13% of an employee's monthly salary up to P25,000, with 8.5% paid by the employer and 4.5% by the employee. For example, an employee earning P10,000 per month would have P1,310 contributed total, with P450 coming from the employee and P850 from the employer. Using payroll software can simplify these SSS computations for employers as company size and salaries change over time.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    ASSIGNMENT 2 HRM

    SOCIAL SECURITY SYSTEM ( SSS)

    The current SSS contribution rate is 13% of the monthly salary credit not
    exceeding P25,000 and
    this is being shared by the
    employer (8.50%) and the
    employee (4.50%). The SSS
    uses a table to determine
    the amount that should be
    deducted from an
    employee based on his
    monthly income.

    For instance, a person


    earning Php10,000 will
    have a contribution of
    Php1,310.00 out of this
    amount, only Php450.00
    will be paid by the
    employee. The remaining Php850.00 (+ Php10 for employee compensation or EC
    fee) will be shouldered by the employer. This computation can become more
    complex on the end of employers as the company grows bigger and as salaries
    adjust every now and then because of promotions and other changes that
    necessitate salary adjustments. To help make the computations easier and
    simpler, employers can choose to use payroll software like our very own, Sprout
    Payroll.This will automate SSS computation while providing employees with a
    payslip format that they can easily understand and navigate around in.

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