SSS Pension Booster A Plus For Economy

Finance Secretary and Social Security Commission (SSC) Chairperson Ralph G. Recto has lauded the Social Security System (SSS) for launching its new pension scheme, MySSS Pension Booster, which aims to pave the path toward financial freedom for every Filipino worker.

The MySSS Pension Booster is a retirement savings program composed of both mandatory and voluntary schemes—the Workers’ Investment and Savings Program (WISP) and WISP Plus, respectively. I Photo: Philippine Social Security System -SSS Facebook

“This program aligns perfectly well with the national government’s ongoing efforts to ensure financial security for all Filipinos, which is the cornerstone of inclusive growth,” Recto said in a speech delivered by Deputy Treasurer Nanette C. Diaz at the launch of the MySSS Pension Booster.

The MySSS Pension Booster is a retirement savings program composed of both mandatory and voluntary schemes—the Workers’ Investment and Savings Program (WISP) and WISP Plus, respectively.

Secretary Recto was instrumental in the success of the WISP, which was created in January 2021 under the Social Security Act of 2018 that he sponsored during his tenure as a legislator.

Due to the success of the mandatory WISP, the SSS launched the WISP Plus in December 2022.

The Booster serves as an additional benefit to the monthly pension from the retirement benefit under the regular SSS program.

All SSS members who do not have a final benefit claim such as Total Disability, Retirement, and Death benefit under the Regular SSS Program, and whose monthly salary credit (MSC) is more than PHP 20,000, are automatically enrolled in the mandatory savings scheme of the MySSS Pension Booster.

On the other hand, the voluntary savings scheme is open to all SSS members regardless of the MSC, with at least one posted contribution and no final claim yet filed.

Furthermore, the voluntary MySSS Pension Booster is an affordable and tax-free savings scheme with a low management fee of 1% per annum, which will be charged to the total accumulated account value of the member.

With a minimum monthly contribution of PHP 500, the voluntary savings scheme of the MySSS Pension Booster is targeted to have an interest rate of 7.2% at the end of 2024. The SSS assures members that their contributions are invested in line with the basic principles of liquidity, safety, security, and yield.

In 2023, the fund for the voluntary retirement savings scheme reached PHP 386 million from 38,000 members.

With this highly beneficial savings scheme, Secretary Recto expressed his gratitude to SSS President and CEO Rolly Macasaet and encouraged the SSS to continue exploring untapped markets that will benefit Filipinos.

“Rest assured, the Department of Finance stands firmly behind the SSS in fulfilling its noble mission of lending a hand to Filipino workers while remaining a reliable partner of the government in national development,” the Finance Chief said.