The Social Security System (SSS) today announced that its members can boost their retirement and savings through the MySSS Pension Booster program, which offers a projected 7.2 percent annual return rate.
SSS President and Chief Executive Officer Rolando Ledesma Macasaet said that SSS renamed the Worker’s Investment and Savings Program (WISP) and WISP Plus into the MySSS Pension Booster to reflect the primary goal of the savings program of boosting their retirement funds.
Macasaet said that the 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 G. Recto during his tenure as a senator.
“We want to thank Secretary Recto for helping pass this landmark legislation in 2019. We also want to acknowledge him for conceptualizing these retirement savings schemes, which we rebranded today as MySSS Pension Booster. So, we are grateful that he pushed for the inclusion of the program in the law, which is boosting the retirement funds of millions of members,” Macasaet said.
Aside from being the Finance Secretary, Recto also serves as the Chairperson of the Social Security Commission, the highest governing body of the SSS.
Macasaet emphasized the importance of early retirement planning during the relaunching event of the MySSS Pension Booster held today at the SSS headquarters in Quezon City, which was attended by maritime professionals, Overseas Filipino Workers (OFWs), self-employed professionals, and corporate executives.
“Aside from renaming the program, we also want to reposition the MySSS Pension Booster to cater more to corporate managers and executives, doctors, lawyers, OFWs, Filipino expats, seafarers, young professionals among others, as we have identified their need for bigger retirement funds. 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 told them that by making retirement their top priority early on, they can ensure they have ample time to reach their retirement goals, adding, “Now is the best time to start building your retirement fund with the help of SSS.”
Macasaet urged members to take control of their retirement planning by utilizing the MySSS Pension Booster program, which supplements members’ savings to enhance the retirement benefit they can get under the Regular SSS Program.
“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.
Two schemes in one program
SSS Vice President for Benefits Administration Division Joy A. Villacorta said that the MySSS Pension Booster consists of mandatory and voluntary schemes.
Villacorta said that the mandatory scheme automatically enrolls SSS members contributing to the Regular SSS Program. It gives an opportunity to save more beyond the threshold.
“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. Your MySSS Pension Booster contributions for the mandatory scheme are paid together with your regular SSS contributions,” Villacorta explained.
Villacorta said that the voluntary scheme, on the other hand, requires interested SSS members to enroll in the savings plan through their My.SSS account. Those applying for the issuance of a Social Security (SS) Number may also enroll in the program already by accepting the terms and conditions.
“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.
Villacorta said that for urgent cash needs, they can withdraw their total contributions including its investment earnings because SSS allows partial or full withdrawal of their savings in the program. “However, we encourage you to stay in the program for at least five years to maximize the potential earnings on your savings,” Villacorta emphasized.
She added that for those who want to use their savings in 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.
10 June 2024
