Social Security System (SSS) has introduced the MySSS Pension Booster program, encouraging its members to boost their retirement funds.
"The Worker's Investment and Savings Program (WISP) and WISP Plus have been renamed as the MySSS Pension Booster to better align to boost retirement funds for its members," announced SSS President and Chief Executive Officer Rolando Ledesma Macasaet on Monday, June 10.
During the relaunching event of the MySSS Pension Booster, held at the SSS headquarters in Quezon City, Macasaet discussed the importance of early retirement planning.
"The MySSS Pension Booster is not just an ordinary retirement savings plan. It's a safe, convenient, and tax-free investment opportunity that allows you to earn income from your contributions. By participating, you can attain your savings goal, ensuring a comfortable retirement," said Macasaet.
ALSO READ: Paano Mag-Apply Ng SSS UMID?
What You Need to Know About the New MySSS Pension Booster Program
According to SSS, the MySSS Pension Booster Program caters to corporate managers and executives, doctors, lawyers, OFWs, Filipino expats, seafarers, and young professionals. However, anyone who wants to increase their retirement savings can apply.
Macasaet explained that while they do not overlook other SSS members through other programs, the rebranding is a step towards attracting those who desire and are capable of investing more.
MySSS Pension Booster Schemes
The MySSS Pension Booster consists of two schemes: Mandatory and Voluntary.
The mandatory scheme automatically enrolls SSS members contributing to the Regular SSS Program and allows them to save more beyond the threshold. Contributions and earnings in the mandatory scheme are managed by SSS and deposited in the member's account alongside regular SSS contributions.
On the other hand, voluntary scheme requires interested SSS members to enroll in the savings plan through their My.SSS account. Applicants for the issuance of a Social Security (SS) Number may also enroll in the program by accepting the terms and conditions. Members can contribute any amount, with the maximum based on limits set by the collection partners.
Contribution Amount
Members can contribute as little as P500 to the MySSS Pension Booster scheme, or they can contribute any amount to grow their retirement savings over time. The program offers a projected 7.2% annual return rate.
In case of urgent financial needs, members are allowed to withdraw their total contributions, including their investment earnings, as SSS permits partial and full withdrawals from the program. However, it is advisable to remain in the program for a minimum of five years to maximize potential earnings.
Members can choose to utilize their savings to supplement their retirement funds. This can be done by receiving their total contributions plus interest when they claim retirement, total disability, or death benefits from the Regular SSS Program, which is also tax-free.
If you are interested in participating in the program, you need to sign up for the savings plan through your My.SSS account.
Read here to know how you can apply for SSS maternity benefits online.
What other parents are reading
Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod
Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod
