The Social Security System (SSS) said yesterday it is rebranding its savings scheme with a projected 7.2 percent annual return rate to boost members’ retirement fund.
Rolando Macasaet, SSS president and chief executive officer, 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.
“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,” Macasaet said.
“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 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.
Joy Villacorta, SSS vice president for benefits administration division, said the MySSS Pension Booster consists of mandatory and voluntary schemes.
Villacorta said 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 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 already enroll in the program 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.
She said 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 said.
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, she added.
