SSS refreshes tax-free retirement savings program
SOCIAL Security System (SSS) has renamed its tax-free retirement savings program, with schemes offering a projected 7.2% annual return rate to members, it said on Monday.
The state-run pension fund has relaunched its previous Workers Investment and Savings Program (WISP) and WISP Plus as the MySSS Pension Booster program, SSS President and Chief Executive Officer Rolando L. Macasaet said on Monday.
The refreshed schemes are in line with the reforms introduced in Republic Act No. 11199 or the Social Security Act of 2018, he said.
“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,” Mr. Macasaet said in a statement.
Mr. Macasaet said the projected annual return rate for the MySSS Pension Booster program is subject to change every year, depending on market conditions.
He said they want the program to cater more to corporate managers and executives, doctors, lawyers, overseas Filipino workers, Filipino expats, seafarers, and young professionals, among others.
Mr. Macasaet added that SSS aims to add five million new members this year. SSS recorded one million new members in the first quarter, providing the pension fund with P500 million in additional revenues, he said.
MySSS Pension Booster consists of mandatory and voluntary schemes, SSS Vice-President for Benefits Administration Division Joy A. Villacorta said.
The mandatory scheme automatically enrolls SSS members with a salary range of P20,000 to P30,000 per month who are contributing to the Regular SSS Program. Contributions for the mandatory scheme are paid together with regular SSS contributions.
Meanwhile, the voluntary scheme requires interested SSS members to enroll in the savings plan through their My.SSS account. Voluntary applicants may avail of the scheme for as low as P500 per payment.
Mr. Macasaet said SSS wants voluntary MySSS Pension Booster contributions to reach P5 billion next year.
Pensioners who are part of the program can partially or fully withdraw their total contributions including investment earnings if they need cash urgently.
“However, we encourage you to stay in the program for at least five years to maximize the potential earnings on your savings,” Ms. Villacorta added. — AMCS
