The SSS essential workplace in Quezon Metropolis. (File picture from the Philippine Day by day Inquirer)
MANILA, Philippines — Members of the Social Safety System can increase their financial savings and retirement fund by means of the pension fund’s revitalized MySSS Pension Booster program, which gives a projected annual return of seven.2 p.c, effectively above the deposit yields supplied by industrial and common banks.
Rolando Ledesma Macasaet, president and chief government officer of SSS, stated through the launch of this system on Monday that SSS renamed the Employee’s Funding and Financial savings Program (WISP) and WISP Plus into MySSS Pension Booster “to mirror the first purpose of the financial savings program of boosting their retirement funds.”
“The MySSS Pension Booster isn’t just an atypical retirement financial savings plan. It’s a secure, handy, and tax-free funding alternative that permits you to earn revenue out of your contributions. By taking part, you’ll be able to attain your financial savings purpose, guaranteeing a cushty retirement,” Macasaet stated in an announcement.
SSS members contributing to the Common SSS program are mechanically enrolled in MySSS Pension Booster and their contribution – a minimal of P500 a month – can be paid along with their common SSS contributions.
“Relaxation assured, your contributions and earnings to the MySSS Pension Booster are in secure palms. As a member of this program, you’ll have your account managed by the SSS, the place we are going to place your contributions and curiosity earnings,” stated SSS Vice President for Advantages Administration Division Pleasure Villacorta in an announcement.
In the meantime, SSS members contributing voluntarily, corresponding to professionals and entrepreneurs, can be required to enroll within the financial savings plan by means of their My.SSS account.
Greater retirement funds
“For as little as P500 per fee within the voluntary scheme of MySSS Pension Booster, members can add to their financial savings which grows over time. It’s a versatile scheme as members might contribute any quantity, with the utmost primarily based on limits set by our assortment companions,” Villacorta stated.
Members are inspired to proceed saving for at the least 5 years to maximise their curiosity earnings, though they’ve the choice to withdraw their contribution plus funding earnings for pressing and emergency money wants.
However for many who wish to use their financial savings underneath this system to reinforce their retirement funds, they’ve the choice to get their complete contributions plus curiosity after they get their retirement, complete incapacity, or loss of life advantages from the common SSS program, which can also be tax-free, Villacorta added.
Macasaet stated that apart from renaming this system, SSS desires to reposition the MySSS Pension Booster to cater to those that want greater retirement funds. These embody company managers and executives, docs, legal professionals, Filipino expats, and seafarers.
“We don’t lose sight of the opposite SSS members by means of different packages, however our rebranding is a transfer in the direction of capturing those that wish to make investments extra and may make investments extra to enroll within the MySSS Pension Booster,” Macasaet stated.
Macasaet inspired members to make retirement planning a precedence. The earlier funds are invested, the extra curiosity and financial savings they’ll accumulate to finance their wants as soon as they retire.
“Now could be one of the best time to start out constructing your retirement fund with the assistance of the SSS,” he stated.
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MySSS Pension Booster financial savings schemes have been a part of the reforms launched by Republic Act No. 11199 or the Social Safety Act of 2018, sponsored by Finance Secretary Ralph Recto throughout his tenure as a senator.
