Sahod Check: A Review on the Latest Contributions on your Statutory Contributions for 2024

As the private Filipino working class greeted 2024 with a bang, they also welcomed the new year with a hopeful heart that life will improve this year. While there was an increase in the minimum wage sometime last year in some of the regions in the country, there have been also some notable changes in the contribution rates for Pag-IBIG and Philhealth while SSS contribution rates remain the same. Let’s look at the latest contribution rates of these government mandatory contributions and know how much is being deducted from your salary.

Last year, Pag-IBIG reported their record-breaking figures for 2022. Pag-IBIG Fund reported that they reached the highest dividend rates since the Covid-19 pandemic. A total of 105,212 Filipinos have begun to build homes as evidenced by home loans reaching P117.85 billion, noting that the agency processed the highest number of members for that year. They have also collected a total of PHP 79.90 billion worth of membership savings and loan payments totaling PHP 127.42 Billion. They also assisted 2.61 million members with short-term loans.

Finally, for 2024, Pag-IBIG has implemented the long overdue rate hike using the contribution table below:

Monthly CompensationEmployee ShareEmployer ShareTotal
Below Php 1,500.001%2%3%
Over Php 1,500.002%2%4%

The maximum monthly compensation that will be utilized to calculate the mandatory two percent (2%) employee savings and two percent (2%) employer share of Pag-IBIG Fund members will increase to PHP 10,000.00 from PHP 5,000.00 last 2023. As a result, members’ monthly savings Fund will rise from PHP 100.00 to PHP 200.00 for each employee’s and employer’s portions.

There will also be an increase in the premium rates of Philhealth in compliance with the 2019 Universal Health Care Law. The increase constitutes a premium rate from 4% to 5% while the upper limit of the monthly basic pay cap would increase from P80,000 to P100,000.

While there is an increase in the premium rates, Philhealth reported in December 2023 that there will also be an increase in the benefit packages. Last year, Philhealth released Circular 2023-0021, increasing coverage for ischemic stroke from PHP28,000 to PHP76,000 and hemorrhagic stroke from PHP 38,000.00 to PHP 80,000.00. Philhealth is also set to increase its coverage for pneumonia high-risk from PHP 32,000.00 to PHP 90,100.00 while dialysis coverage is increased from 90 sessions to 156 sessions. This 2024, Philhealth has still a lot in store for its members, as it bound itself to cater to the health needs of Filipinos.

As for the SSS, no change in rates will be implemented. Employees’ contribution will still be at 4.5% while employers, at 9.5%. However, SSS will be having an increase in 2025 in compliance with the Social Security Act of 2018. See the SSS Contribution Table here (insert link).

So next payday, check your payslips if you are getting the right deductions for your government mandatory benefits. Also remember that according to the Labor Code, the only legal deductions from your salary are these benefits – all others are unauthorized except if you have executed an authority to deduct.