SSS issues new policy on self-employed

The Social Security System (SSS) has liberalized its membership policy allowing employees, who are entrepreneurs or freelance professionals such as lawyers, accountants, and medical professionals, to contribute as self-employed members, a top official said Friday. "The new policy is meant to encourage employees, who are part- time entrepreneurs or who practice their profession outside their regular employment such as lawyers, accountants, doctors and professors, to contribute at a higher salary bracket and enjoy higher benefits," SSS Officer-in-Charge Horacio Templo said. Templo said that if the combined contributions of a member as an employee or self-employed exceeds the maximum "Monthly Salary Credit" of P15,000, which is equivalent to P1590 a month, the excess amount will be refunded. "The refund, will come from the self-employed part of the combined contributions of the member," Templo said. The new policy, which is intended to assist employees who perform freelance work outside of their regular employment, is an expansion of the existing rule on members with multiple employers where their contributions are consolidated to reach the equivalent maximum salary credit. Members could remit their payments directly to any of the 41 SSS teller facilities nationwide or through any SSS-accredited bank and Bayad Centers. - GMANews.TV