MANILA, Philippines — State-run pension fund Social Security System (SSS) has started a new savings scheme projected to yield 7.2% annually as it moves to encourage members to boost their retirement fund.
SSS has unveiled the MySSS Pension Booster program, replacing the current Worker’s Investment and Savings Program (WISP) and WISP Plus offerings.
The new program aims to boost retirement and savings as it is projected to yield 7.2% annual returns, better than the 5.33% of WISP and 6.87% of WISP Plus.
SSS president and CEO Rolando Macasaet said the MySSS Pension Booster aims to cater more to corporate managers and executives, doctors, lawyers, overseas Filipino workers, expats, seafarers and young professionals who have a bigger need for retirement funds.
“We do not lose sight of the other SSS members through other programs, but our rebranding is a move toward capturing those who want to invest more and can invest more,” Macasaet said.
The booster program targets to supplement members’ savings to enhance the retirement benefit they can get under the regular SSS program.
Further, the pension booster consists of mandatory and voluntary schemes.
SSS vice president Joy Villacorta said the mandatory scheme automatically enrolls SSS members contributing to the regular program while the voluntary scheme encourages interested SSS members to enroll in the savings plan through their My.SSS account.
The voluntary scheme can be availed for as low as P500 per payment while the maximum contribution amount is based on limits set by SSS collection partners.
For urgent cash needs, members can withdraw their total contributions including the investment earnings as SSS allows partial or full withdrawal of their savings.
Nonetheless, SSS encourages members to stay in the program for at least five years to maximize the potential earnings on their savings.