The SSS main office in Quezon City. (File photo from the Philippine Daily Inquirer)
MANILA, Philippines — Members of the Social Security System can boost their savings and retirement fund through the pension fund’s revitalized MySSS Pension Booster program, which offers a projected annual return of 7.2 percent, well above the deposit yields offered by commercial and universal banks.
Rolando Ledesma Macasaet, president and chief executive officer of SSS, said during the launch of the program on Monday that SSS renamed the Worker’s Investment and Savings Program (WISP) and WISP Plus into MySSS Pension Booster “to reflect the primary goal of the savings program of boosting their retirement funds.”
“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,” Macasaet said in a statement.
SSS members contributing to the Regular SSS program are automatically enrolled in MySSS Pension Booster and their contribution – a minimum of P500 a month – will be paid together with their regular SSS contributions.
“Rest assured, your contributions and earnings to the MySSS Pension Booster are in safe hands. As a member of this program, you will have your account managed by the SSS, where we will place your contributions and interest earnings,” said SSS Vice President for Benefits Administration Division Joy Villacorta in a statement.
Meanwhile, SSS members contributing voluntarily, such as professionals and entrepreneurs, will be required to enroll in the savings plan through their My.SSS account.
Bigger retirement funds
“For as low as P500 per payment in the voluntary scheme of MySSS Pension Booster, members can add to their savings which grows over time. It’s a flexible scheme as members may contribute any amount, with the maximum based on limits set by our collection partners,” Villacorta said.
Members are encouraged to continue saving for at least five years to maximize their interest earnings, although they have the option to withdraw their contribution plus investment earnings for urgent and emergency cash needs.
But for those who want to use their savings under the program to augment their retirement funds, they have the option to get their total contributions plus interest when they get their retirement, total disability, or death benefits from the regular SSS program, which is also tax-free, Villacorta added.
Macasaet said that aside from renaming the program, SSS wants to reposition the MySSS Pension Booster to cater to those who need bigger retirement funds. These include corporate managers and executives, doctors, lawyers, Filipino expats, and seafarers.
“We do not lose sight of the other SSS members through other programs, but our rebranding is a move towards capturing those who want to invest more and can invest more to enroll in the MySSS Pension Booster,” Macasaet said.
Macasaet encouraged members to make retirement planning a priority. The sooner funds are invested, the more interest and savings they can accumulate to finance their needs once they retire.
“Now is the best time to start building your retirement fund with the help of the SSS,” he said.
MySSS Pension Booster savings schemes were part of the reforms introduced by Republic Act No. 11199 or the Social Security Act of 2018, sponsored by Finance Secretary Ralph Recto during his tenure as a senator.