What is RA No 8282?
What is RA No 8282?
– It is the policy of the Republic of the Philippines to establish, develop, promote and perfect a sound and viable tax-exempt social security service suitable to the needs of the people throughout the Philippines which shall promote social justice and provide meaningful protection to members and their beneficiaries …
What is average monthly salary credit in SSS?
(m) Average monthly salary credit – The result obtained by dividing the sum of the last sixty (60) monthly salary credits immediately preceding the semester of contingency by sixty (60), or the result obtained by dividing the sum of all the monthly salary credits paid prior to the semester of contingency by the number …
What is included in SSS compensation?
“(f) Compensation – All actual remuneration for employment, including the mandated cost of living allowance, as well as the cash value of any remuneration paid in any medium other than cash except that part of the remuneration received during the month in excess of the maximum salary credit as provided under Section 18 …
What is the basis for SSS contribution?
Monthly contributions to SSS are based on the compensation of members (see table below). 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%).
What is RA 6977 all about?
Creation of a Small and Medium Enterprise Development Council. — To effectively spur the growth and development of small and medium enterprises throughout the country, and to carry out the policy declared in this Act, a Small and Medium Enterprise Development (SMED) Council is hereby created.
How much is SSS lump sum?
Lump sum amount – granted to a retiree who has not paid the required 120 monthly contributions. It is equal to the total contributions paid by the member and by the employer including interest.
How much is the monthly pension in SSS?
The minimum monthly Retirement Pension is P1,200 if the member has 120 months contribution or at least ten (10) CYS; or P2,400 if with at least 20 CYS. A cash benefit granted – either as a monthly pension or a lump sum amount – to the beneficiaries of a deceased member.
Can I lump sum SSS?
If with less than 120 monthly contributions, the member shall be entitled to a lump sum amount equivalent to the contributions paid by him/her and on his/her behalf. The retiree has the option to receive the first 18 months pension in lump sum, discounted at a preferential rate to be determined by the SSS.
What is the Magna Carta for MSME?
The Magna Carta for MSMEs is a landmark legislation enacted by the Philippine Congress in 1991 as Republic Act 6977 and further amended by Republic Acts as the law meant to develop the Filipino entrepreneurial spirit by providing a business environment conducive for MSMEs.
What do you mean by Magna Carta for Small Enterprises?
6977 Also Known As Magna Carta for Small Enterprises Long Title An Act To Promote, Develop And Assist Small And Medium Scale Enterprises Through The Creation Of A Small And Medium Enterprise Development (Smed) Council, And The Rationalization Of Government Assistance Programs And Agencies Concerned With The Development …
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What does Sec 2 of RA 8282 stand for?
(Sec. 2, RA 8282) service. service. search of man for protection against poverty. Philippines. employees in the Philippines. low-salaried employees. Commission on July 7, 1948. In 1957, amendatory bills were presented in Congress. These bills Security Act.
Who is the Chief Executive Officer of the SSS?
” (b) The general conduct of the operations and management functions of the SSS shall be vested in the SSS President who shall serve as the chief executive officer immediately responsible for carrying out the program of the SSS and the policies of the Commission.
Who are the primary and secondary beneficiaries of SSS?
1. Primary Beneficiaries a. Dependent Spouse until remarriage b. Dependent Legitimate or Legitimated or Legally Adopted and 2. Secondary Beneficiaries – Dependent Parents 3. Other Beneficiaries – Absent primary and secondary beneficiaries, any other person designated by member as secondary beneficiary. of Succession. 1.
Who is the SSS President of the Philippines?
The SSS President shall be a person who has had previous experience in the technical and administrative fields related to the purposes of this Act. He shall be appointed by the President of the Philippines and shall receive salary to be fixed by the Commission with the approval of the President of the Philippines, payable from the funds of the SSS.