Adjusting the Schedule of EC Contribution for the Private Sector on the Basis of the New Monthly Salary Credit Schedule of the SSS

October 8, 2014ECC BOARD RESOLUTION NO. 14-10-33ADJUSTING THE SCHEDULE OF EC CONTRIBUTION FOR THE PRIVATE SECTOR ON THE BASIS OF THE NEW MONTHLY SALARY CREDIT SCHEDULE OF THE SSSExcerpts from the Minutes of the Sixth (6th) Joint Regular Commission Meeting, Employees' Compensation Commission, Series of 2014, Ichikawa Hall, OSHC Bldg. Agham cor. North Ave., Quezon City, Wednesday, 08 October 2014 at 12:00 NN.WHEREAS, Article 177 (a), in relation to Art. 183 (b), of P.D. No. 626, as amended, empowers this Commission to assess and fix the rate of EC contribution from all employers based on experience in risk, cost of administration, and the actual or anticipated as well as unexpected losses, as may be required to maintain the stability of the State Insurance Fund (SIF); WHEREAS, the last increase in EC contribution in the private sector was provided through Board Resolution No. 06-08-70, dated August 31, 1996 which fixed the contribution rate at P10/employee for employees with monthly salary credit (MSC) of fourteen thousand five hundred pesos (P14,500) and below; and a contribution rate of...