SSS Aims for More Than P100-B Net Income in 2024 with MySSS Pension Booster Program
Members of the Social Security System (SSS) can now increase their savings and retirement fund through the pension fund’s revamped MySSS Pension Booster program. This program offers a projected annual return of 7.2 percent, surpassing the deposit yields provided by commercial and universal banks.
During the program’s launch, SSS President and CEO Rolando Ledesma Macasaet announced the rebranding of the Worker’s Investment and Savings Program (WISP) and WISP Plus into MySSS Pension Booster. This change aims to emphasize the program’s goal of boosting retirement funds for members.
According to Macasaet, the MySSS Pension Booster is not just an ordinary retirement savings plan. It offers a safe, convenient, and tax-free investment opportunity that allows members to earn income from their contributions. By participating, members can achieve their savings goal, ensuring a comfortable retirement.
SSS members contributing to the Regular SSS program will automatically be enrolled in the MySSS Pension Booster. Their contributions, which should be a minimum of P500 per month, will be paid together with their regular SSS contributions.
For voluntarily contributing SSS members, such as professionals and entrepreneurs, enrollment in the savings plan through their My.SSS account is required.
The program allows members to add to their savings by paying as low as P500 per payment in the voluntary scheme of MySSS Pension Booster. The savings grow over time, and members have the flexibility to contribute any amount within the limits set by collection partners.
While members are encouraged to save for at least five years to maximize their interest earnings, they also have the option to withdraw their contributions plus investment earnings for urgent cash needs. For those looking to use their savings to supplement their retirement funds, they can access their total contributions plus interest when they receive retirement, total disability, or death benefits from the regular SSS program.
In line with the reforms introduced by Republic Act No. 11199 or the Social Security Act of 2018, the MySSS Pension Booster savings schemes were established. These reforms were sponsored by Finance Secretary Ralph Recto during his time as a senator.
SSS aims to cater to individuals in need of bigger retirement funds, including corporate managers, executives, doctors, lawyers, Filipino expats, and seafarers with the repositioning of the MySSS Pension Booster program. Macasaet highlighted the importance of making retirement planning a priority and encouraged members to start building their retirement fund with the help of SSS.
