The state-run Social Security System (SSS) is urging its members to take advantage of the reintroduced MySSS Pension Booster program, designed to yield a higher annual return on savings for retirement.
SSS President and CEO Roloand Macasaet highlighted that members could voluntarily join the program with an initial contribution of only P500. “They can contribute any amount anytime because there is no limit on the amount they can invest,” Macasaet said in a statement.
The MySSS Pension Booster is particularly beneficial for those looking to build their retirement fund early. Macasaet noted that members contributing above the P20,000 ceiling to the Regular SSS savings are automatically enrolled in the booster savings plan. The program offers a projected annual return rate of 7.2%, making it an attractive option for long-term savings.
Macasaet emphasized the flexibility of the program, allowing partial or full withdrawals, where members receive their total contributions plus investment earnings. However, he encouraged members to retain their money in the program until retirement to maximize their benefits, which are received tax-free.
He called on various professionals, including maritime workers, Overseas Filipino Workers (OFWs), self-employed individuals, and corporate executives, to start building their retirement funds early. “The best time for them to start saving for retirement is today while they are young,” Macasaet said, stressing the advantage of starting contributions in their 20s for a more substantial retirement fund.
The MySSS Pension Booster program, a rebranding of the Worker’s Investment and Savings Program (WISP) and WISP Plus, is part of the reforms introduced by Republic Act No. 11199 or the Social Security Act of 2018. This initiative aims to cater to corporate managers, doctors, lawyers, OFWs, Filipino expats, seafarers, and young professionals seeking to enhance their savings or retirement funds.
For those interested, the SSS encourages applying for a Social Security number and enrolling in the MySSS Pension Booster to secure a financially stable future.
