SSS reintroduces pension boosters | ABS-CBN
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SSS reintroduces pension boosters
Social Security System satellite office at Ali Mall in Quezon City on July 6, 2023. ABS-CBN News/File
Social Security System satellite office at Ali Mall in Quezon City on July 6, 2023. ABS-CBN News/FileMANILA — Members of Social Security System can invest more in their pension fund as SSS relaunched its Pension Booster program on Monday.
MANILA — Members of Social Security System can invest more in their pension fund as SSS relaunched its Pension Booster program on Monday.
Formerly known as Workers and Investment Savings Program or WISP and the WISP Plus, SSS President and CEO Rolando Macasaet said they are tapping professionals and middle class workers to add more to their pension savings on top of their monthly contributions.
Formerly known as Workers and Investment Savings Program or WISP and the WISP Plus, SSS President and CEO Rolando Macasaet said they are tapping professionals and middle class workers to add more to their pension savings on top of their monthly contributions.
Under the revised scheme, the WISP will be called My SSS Pension Booster Mandatory, while the WISP Plus will be called My SSS Pension Booster Voluntary. The new voluntary program offers members a minimum of P500 to boost their funds. There's no limit as to how much they want to save up.
Under the revised scheme, the WISP will be called My SSS Pension Booster Mandatory, while the WISP Plus will be called My SSS Pension Booster Voluntary. The new voluntary program offers members a minimum of P500 to boost their funds. There's no limit as to how much they want to save up.
“Ang Pension Booster po ay for people na may sobrang pera po. Halimbawa, OFWS, seafarers, doctor, dentista, mga empleyado ng gobyerno na member din ng SSS.Habang may kaya pa kayo, matigas pa ang tuhod, hindi na kung ano-ano nang investments,” Macasaet said.
“Ang Pension Booster po ay for people na may sobrang pera po. Halimbawa, OFWS, seafarers, doctor, dentista, mga empleyado ng gobyerno na member din ng SSS.Habang may kaya pa kayo, matigas pa ang tuhod, hindi na kung ano-ano nang investments,” Macasaet said.
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Voluntary payments to the Pension Booster starts for as low as 500 pesos.
Voluntary payments to the Pension Booster starts for as low as 500 pesos.
Flexible terms allow members to withdraw from the Pension Booster in case of emergency. Delinquency in payments will also not affect members’ contribution.
Flexible terms allow members to withdraw from the Pension Booster in case of emergency. Delinquency in payments will also not affect members’ contribution.
However, SSS encourages keeping savings in the fund for at least five years to maximize the estimated 7.2 percent annual interest rate.
However, SSS encourages keeping savings in the fund for at least five years to maximize the estimated 7.2 percent annual interest rate.
Macasaet added that the Pension Booster is an opportunity for members to have their pension savings at par with members of Government Service Insurance System (GSIS).
Employer share for GSIS contributions are at 12 percent while employees contribute 9 percent of their salary.
Macasaet added that the Pension Booster is an opportunity for members to have their pension savings at par with members of Government Service Insurance System (GSIS).
Employer share for GSIS contributions are at 12 percent while employees contribute 9 percent of their salary.
SSS contributions are shared by the employee and employer with 14 percent contribution rate but the Social Security Act only allows a maximum of P30,000 of the employee’s salary to be covered.
SSS contributions are shared by the employee and employer with 14 percent contribution rate but the Social Security Act only allows a maximum of P30,000 of the employee’s salary to be covered.
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Members earning more than P20,000 are automatically enrolled to the Pension Booster, which allows members to earn more than the contribution ceiling.
Members earning more than P20,000 are automatically enrolled to the Pension Booster, which allows members to earn more than the contribution ceiling.
“Tumutulong ako sa mga miyembo namin na malaki ang kita pero nagrereklamo na maliit ang pension…It depends kung magkano ang iko-contribute mo depende sa edad. 25 (years old) kayo, 30 (years old) kayo, magdagdag ka lang ng P500 a month, siguro may additional ka nang P5,000 to P10,000 a month for life, Macasaet said.
“Tumutulong ako sa mga miyembo namin na malaki ang kita pero nagrereklamo na maliit ang pension…It depends kung magkano ang iko-contribute mo depende sa edad. 25 (years old) kayo, 30 (years old) kayo, magdagdag ka lang ng P500 a month, siguro may additional ka nang P5,000 to P10,000 a month for life, Macasaet said.
All SSS members can avail of the MySSS Pension Booster.
All SSS members can avail of the MySSS Pension Booster.
Enrollment can be done online through the SSS Member Portal under WISP, which will eventually be replaced by the Pension Booster.
Enrollment can be done online through the SSS Member Portal under WISP, which will eventually be replaced by the Pension Booster.
Collection partners such as banks and Bayad Centers can process payments.
Collection partners such as banks and Bayad Centers can process payments.
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SSS
Social Security System
GSIS
pension
Workers and Investment Savings Program
My SSS Pension Booster Mandatory
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