The Social Security System (SSS) has relaunched its Pension Booster program, allowing members to invest more in their pension fund. The program, which was previously known as the Workers and Investment Savings Program (WISP) and WISP Plus, was reintroduced on Monday with a focus on professionals and middle-class workers.
SSS President and CEO Rolando Macasaet announced that the new scheme will be divided into two options: My SSS Pension Booster Mandatory and My SSS Pension Booster Voluntary. The voluntary program allows members to contribute a minimum of PHP 500 to enhance their pension savings, with no upper limit on contributions.
“The Pension Booster is for people who have extra money. For example, OFWs, seafarers, doctors, dentists, and government employees who are also members of the SSS. While you can still afford it, invest in this program rather than other investments,” Macasaet said.
Voluntary contributions start at PHP 500, with flexible terms allowing members to withdraw in case of emergencies. Delinquency in payments will not affect the members’ overall contributions. However, SSS recommends keeping the savings in the fund for at least five years to take advantage of the estimated 7.2 percent annual interest rate.
Macasaet highlighted that the Pension Booster is an opportunity for SSS members to have pension savings comparable to those of Government Service Insurance System (GSIS) members. While GSIS contributions are 12 percent from the employer and 9 percent from the employee, SSS contributions are shared at a 14 percent rate, covering up to PHP 30,000 of the employee’s salary.
Members earning more than PHP 20,000 will be automatically enrolled in the Pension Booster, allowing them to exceed the contribution ceiling and earn more.
“I am helping our members who earn well but complain about low pensions. Depending on your age and contributions, even an additional PHP 500 a month can result in an extra PHP 5,000 to PHP 10,000 monthly for life,” Macasaet added.
All SSS members can avail themselves of the MySSS Pension Booster. Enrollment is available online through the SSS Member Portal under WISP, which will eventually be replaced by the Pension Booster. Payments can be processed through collection partners such as banks and Bayad Centers.
