SSS Encourages Members to Enhance Savings with MySSS Pension Booster

by: Edjun Mariposque

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July 2, 2024

2–3 minutes

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Rolando Ledesma Macasaet, President and CEO of the Social Security System (SSS), urged members to utilize the MySSS Pension Booster to grow their investments and achieve higher annual returns.

In a press briefing, Macasaet highlighted the MySSS Pension Booster, designed to increase retirement funds and savings with a projected annual return rate of 7.2 percent.

The MySSS Pension Booster offers both mandatory and voluntary schemes. “Members contributing above the P20,000 ceiling to the Regular SSS Program are automatically enrolled in the mandatory scheme,” Macasaet explained.

The voluntary scheme is available to all members, including those wishing to invest more in their retirement or savings. New applicants for a Social Security number are also invited to join the program.

Members can start with just P500 in the voluntary scheme and contribute any amount at any time, with no upper limit on investments.

“If you want to build your retirement fund while young, invest in the MySSS Pension Booster,” Macasaet advised. “Our savings program offers greater flexibility than most savings programs.”

SSS allows partial or full withdrawal of savings in the program, providing total contributions plus investment earnings. Members are encouraged to retain their money in the program until retirement for tax-free benefits.

Macasaet encouraged maritime professionals, Overseas Filipino Workers (OFWs), self-employed professionals, and corporate executives to begin building their retirement funds early. “Planning and saving for retirement should start as soon as you start earning,” he said.

He emphasized the importance of early retirement planning, noting that starting young allows for smaller, regular savings and the benefit of compound interest. “The longer you leave your money with SSS, the bigger your earnings,” he added.

Earlier this month, SSS rebranded its Worker’s Investment and Savings Program (WISP) and WISP Plus into the MySSS Pension Booster to better serve corporate managers, executives, professionals, OFWs, seafarers, and young professionals.

The MySSS Pension Booster is part of the reforms introduced by Republic Act No. 11199, the Social Security Act of 2018, sponsored by Finance Secretary Ralph G. Recto.

To learn more about the program, please accesse this link https://rb.gy/gxfr35 to make that move and get that boost.

#Edjun Mariposque

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