MANILA, Philippines — Social Security System President and Chief Executive Rolando Macasaet is encouraging SSS members to take advantage of the MySSS Pension Booster program which can increase their retirement fund and savings yearly.
“If you want to build your retirement fund while you are young, invest in the MySSS Pension Booster. You have a medium-term financial goal? Why not start saving your money in the MySSS Pension Booster to reach that goal? Our savings program offers so much flexibility than most savings programs,” Macasaet said in a statement on Friday.
The pension fund’s revitalized MySSS Pension Booster program offers a projected annual return of 7.2 percent, well above the interests offered by commercial and universal banks.
READ: SSS launches MySSS Pension Booster
Macasaet said the savings program is composed of mandatory and voluntary schemes that are available to all contributing members, especially those who want to invest further in their retirement and savings fund.
Mandatory and voluntary schemes
“Under the mandatory scheme, members contributing above the ceiling of P20,000 to the Regular SSS Program are automatically enrolled in the savings plan,” Macasaet added.
For as low as P500, members can start saving in the voluntary scheme.
Macasaet, however, noted that for members to be able to maximize their earnings from the program they have to stay for at least five years or more as the longer they leave their money with SSS, the bigger earnings they will get.
He also called on maritime professionals, Overseas Filipino Workers (OFWs), self-employed professionals, and corporate executives to start investing in their retirement funds early.
Earlier, SSS rebranded its Worker’s Investment and Savings Program (WISP) and WISP Plus into the MySSS Pension Booster as SSS repositioned its savings program.