MySSS Pension Booster Offers Up to 7.2% Annual Returns
Voluntary payments start as low as P500.
(SPOT.ph) Looking for more bang for your buck? If time deposit interest rates aren’t cutting it for you, then you'll want to check out Social Security System's (SSS) new savings scheme.
The SSS has rebranded the former Worker’s Investment and Savings Program (WISP) and WISP Plus to become MySSS Pension Booster program, which will offer a projected annual return rate of 7.2% for members to grow their retirement funds.
Flexibility is a key feature of this program. You can start with contributions as low as P500 per payment in the voluntary scheme, giving you the freedom to contribute what you can, when you can.
For example, SSS President Rolando Macasaet said that putting in that P500 a month to your contributions can yield an additional P5,000 to P10,000 a month for life. The best part? It's all tax-free. This means more money in your pocket when it comes time to retire.
In cases of emergency, members can withdraw the funds at any time. Delinquency in payments will not affect member contributions.
Also read: How to Check Your SSS Contributions
What to know about MySSS Pension Booster
The program includes both mandatory and voluntary schemes. According to Macasaet, employed SSS members earning more than P20,000 per month are automatically enrolled to the Pension Booster, allowing them to save more beyond the usual threshold.
“As a member of this program, you will have your account managed by the SSS, where we will place your contributions and interest earnings. Your MySSS Pension Booster contributions for the mandatory scheme are paid together with your regular SSS contributions,” SSS Vice President for Benefits Administration Joy Villacorta said.
All SSS members are free to avail of the program through the voluntary scheme. This means additional contributions at a minimum of P500 a month beyond the regular SSS contributions. Those interested can enroll through the SSS Member Portal under WISP (which will eventually be rebranded to the MySSS Pension Booster).
“For as low as P500 per payment in the voluntary scheme of MySSS Pension Booster, members can add to their savings which grows over time. It’s a flexible scheme as members may contribute any amount, with the maximum based on limits set by our collection partners,” Villacorta said.
Although you can withdraw your contributions and earnings at any time, SSS recommends staying in the program for at least five years to maximize the 7.2% annual interest rate. Early withdrawal might not yield the full benefits of the program.
Also read: Everything You Need to Know About the SSS Salary Loan