THE Social Security System (SSS) has 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 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 stressed the importance of early retirement planning during the relaunching event of the MySSS Pension Booster held 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 and young professionals, among others, as we have identified their need for bigger retirement funds,” Macasaet said.
He urged members to take control of their retirement planning by utilizing the MySSS Pension Booster program, which supplements members’ savings to enhance their retirement benefit under the regular SSS program.
Two schemes
SSS vice president for Benefits Administration Division Joy Villacorta said the MySSS Pension Booster consists of mandatory and voluntary schemes.
She said the mandatory scheme automatically enrolls SSS members contributing to the regular SSS program. It allows saving more beyond the threshold.
Villacorta said 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 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,” she said.
Villacorta said for urgent cash needs, they can withdraw their total contributions including 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,” she said.
She said that those who want to use their savings in the program to augment their retirement funds can 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. / PR