Check out the latest updates on the SSS Pension Booster Announced: What is it? How to Benefit from it? All Details. The Social Security System of the Philippines recently renamed its Worker’s Investment and Savings Program and WISP Plus to MySSS Pension Booster.
SSS Pension Booster Announced
The WASP and WASP Plus changes highlight the program’s goal of enhancing its members’ retirement funds. Ronaldo Ledesma Macasaet, the SSS President and CEO, emphasised that these saving schemes are part of reforms introduced under Republic Act No. 11199, also known as the Social Security Act of 2018.
Macasaet expressed gratitude to Finance Secretary Ralph G. Recto for his role in passing the legislation and designing the retirement savings schemes. Secretary Recto, who previously served as a politician, played a pivotal role in including these programs in law. Macasaet credited him for significantly benefitting millions of SSS members by boosting their retirement savings.
|
Important Links |
SSS Relaunched Schemes For Pension Booster Plan
The MySSS Pension Booster comprises mandatory and voluntary schemes. Joy A. Villacorta, SSS Vice President for the Benefits Administration Division, explained that mandatory schemes automatically enrol members contributing to the regular SSS program. This scheme allows members to save beyond the usual threshold, ensuring SSS manages their contributions and earnings securely.
On the other hand, the voluntary scheme enables interested members to enrol through their MySSS accounts. Contributions start as low as P500 per payment, offering flexibility and growth over time. Villacorta highlighted that the members could withdraw their contributions and invest earnings in response to urgent needs, though staying enrolled for at least five years will maximize earnings potential.
What is SSS Pension Booster?
The MySSS Booster is not just a retirement saving plan; it is designed to be a safe, convenient and nontaxable investment opportunity for all Filipinos. It supplements members’ savings under the Regular SSS program, which aims to provide a comfortable retirement. Villacorta emphasises that members have the option to opt for total contributions plus the interest while claiming retirement, total disability, or death benefits under the Regular SSS program.
Regarding membership coverage, Villacorta emphasised that the Regular SSS Program is mandatory for private sector employees earning from PHP 20,000 to PHP 30,000 monthly. Meanwhile, the MySSS Pension Booster included mandatory contributions from their employees and employers, further strengthening retirement savings. The SSS encourages Filipinos to participate in the MySSS Pension Booster to enhance their financial security.
How to Benefit from SSS Pension?
At the relaunch event for the MySSS Pension Booster at the SSS headquarters in Quezon City, various professionals, including overseas Filipinos, Mariners, Self-employed individuals, and corporate executives, were present. Macasaet underscores the importance of early retirement planning, urging members to prioritize building their retirement funds early with SSS’s assistance. The participant can invest P500 in the MySSS Pension Booster plan or make higher investments to grow their fund with time.
Interested individuals can navigate to the SSS’s leading portal and must sign up to contribute. Once you have your MySSS account, you can invest in the MySSS Pension Booster and enjoy the invested fund to enjoy your retirement. The key to a happy retirement is to laser focus on the most important input that affects the output. With regards to saving, you need to identify your reason for saving.
|
Important Links |
All Details On SSS Pension Booster
In a nutshell, the MySSS Pension Booster represents a significant step towards strengthening retirement planning among the citizens. By rebranding and enhancing the savings schemes, the SSS aims to serve diverse professional groups and ensure members can comfortably achieve their retirement goals. For those considering their future financial security, the MySSS Pension Booster offers a feasible option to build and grow retirement funds with the support and reliability of the SSS.
Investing early is crucial for everyone as it allows taking advantage of compound interest’s power. Compound interest is the interest on interest, which is the key to building wealth over time. The Scheme also offers an estimated 7.2 per cent compound annual growth rate. To collect more relevant information on the SSS Pension Plan, kindly visit our main page.
