Members of the Social Security System will be enrolled in a new mandatory provident fund starting this 2021. WISP is the official product name of the Mandatory Provident Fund (MPF) Program which can be found in the new contribution table. ...

Why is SSS mandatory?

Social Security System (SSS) – The SSS was created to provide private employees and their families protection against disability, sickness, old age, and death. The Government Service Insurance System (GSIS) is the equivalent system for Philippine government employees.

How much is SSS voluntary contribution?

If you are self-employed (SE) or a voluntary member (VM), you must pay the full 12%, based on the monthly earnings that you declared at the time of registration (for SE), or the MSC that you set for yourself (for VM, such as members separated from employment).