SSS revises payment deadlines for contributions, member loans-A A +A
Thursday, June 9, 2011
THE Social Security System has revised the payment deadlines for contributions and member loans of employers, self-employed and voluntary members effective this month.
In Circular 3-2011 signed by SSS President and CEO Emilio De Quiros, it said that if the 10th number of the 13-digit regular employer’s number ends in 1 or 2, payment deadline following the applicable month is every 10th day of the month; 3 or 4 every 15th day of the month; 5 or 6 every 20th day; 7 or 8 on the 25th day of the month; and 9 or 0 every last day of the month.
For instance, if the ER ID number is 03-1234567-8-012, the payment deadline for both contributions and member loans for the applicable month of June shall be on July 25.
The old deadline is every 10th day following the applicable month.
For household employers (HRs), self-employed (SE) and voluntary members (VMs) except OFW-members, the revised deadline depends on the last digit of the SS number.
If the last digit ends in 1 or 2, deadline for payment of contributions or loans is on the 10th day of the month; 3 or 4 every 15th day; 5 or 6 on the 20th; 7 or 8 every 25th day; and 9 or 0 every last day of the month following the applicable period.
This means that if the SS number is 01-2345678-9, the payment deadline for both contributions and member loans for the applicable month of June shall be on July 30.
Existing deadline is every 20th day following the applicable month or quarter for SE and VM and 10th day of the month for loans.
In case the payment deadline falls on a Saturday, Sunday or holiday, payment may be made on the next working day. Otherwise, penalties shall be imposed on late contribution and member loan payments of employers and late member loan payments of self-employed and voluntary members while late contribution payments of self-employed and voluntary members shall be applied prospectively, the Circular added.
“The frequency of payment shall remain on a monthly basis for regular and household ERs and on a monthly or quarterly basis for self-employed and voluntary members,” it added.
Payments on a quarterly basis shall mean payments for all three months ending in a calendar quarter like March, June, September and December.
The Circular dated May 16, 2011 and posted last June 6 takes effect starting this applicable month of June in case of monthly payment or applicable quarter ending June 30, 2011 in case of quarterly payment and supersedes the provisions on payment deadlines as per Circular 13-P dated December 22, 2003 and Circular 003 dated June 10, 2008. (CGC)
Published in the Sun.Star Bacolod newspaper on June 09, 2011.