The Social Security System (SSS) has launched a new retirement savings scheme for the pension fund’s members.
This as the pension fund also announced the 1-percentage point increase in contribution will take effect January as scheduled.
Michael Regino, SSS president and chief executive officer, said in a statement the Worker’s Investment and Savings Program (WISP) Plus is a voluntary retirement savings program offered exclusively to SSS members in addition to its regular social security program.
“We have been spearheading the concept of work, save, invest and prosper to our members. WISP Plus is a program both for saving and investing. It is an affordable and tax-free savings scheme which will allow our members to save by contributing to the program and invest because their money will generate earnings,” Regino said.
The SSS chief further said WISP Plus serves as an additional layer of social security protection apart from the retirement benefits that they will receive from the regular SSS program until their retirement.
“For as low as P500 per payment, SSS members can already contribute to the WISP Plus and pay their contribution anytime. We offer our members investment earnings based on rates higher than those provided by banks,” he said.
The pension fund said WISP Plus would cater to all SSS members, regardless of their membership type, declared monthly earnings and last posted monthly salary credit (MSC).
The current WISP is another provident fund program which is compulsory for SSS members who are contributing to the regular program under the MSC that exceeds P20,000.
It was mandatorily implemented in January 2021 as part of the amendment in the SS Law last 2018.
Regino also announced that starting January 1, ,the new SSS contribution rate will be 14 percent from the current 13 percent.
This is part of the implementation of the Social Security Act of 2018, and this will also be advantageous to the SSS members in the form of higher benefits, the pension fund said.
For employed members, their employers will shoulder the one percent increase in the contribution rate.
Individual paying members, such as self-employed, voluntary, non-working spouse and OFW members, will shoulder the whole contribution rate since they have no employers.
Regino said SSS will adjust the minimum and maximum MSCs, which will serve as the basis for the monthly contribution of a member.
The minimum MSC will become P4,000 from the current P3,000 to P4,000 while the maximum MSC will be increased to P30,000 from the current P25,000.
