THE SOCIAL Security System will set up a provident fund to enable members to save more for their retirement and augment the benefits they will derive from their mandated contributions.
SSS president and chief executive officer Emilio De Quiros Jr. said the pension fund would launch the provident fund in September after the proposal was recently approved by Malacañang.
“The fund will help members generate more benefits. We [SSS] are hoping to launch it during our anniversary celebration in September,” De Quiros told reporters.
He said SSS members could contribute any amount to the provident fund for as long as they want.
Short-term contributions may be withdrawn anytime and may earn interest comparable to Treasury bill rates. Long-term contributions may not be withdrawn for up to six years, and may earn interest comparable to the 5-year or longer-dated Treasury rates.
De Quiros said putting up a fund, apart from members’ regular contributions, would allow beneficiaries to save and earn more for their future. Michelle V. Remo