Freeman Cebu Business

SSS rebrands saving schemes as boosters with 7.2 percent returns

The Freeman

CEBU, Philippines — The Social Security System (SSS) has introduced a new program named MySSS Pension Booster, offering a profitable 7.2% annual return to assist members in enhancing their retirement savings.

SSS President and Chief Executive Officer Rolando Ledesma Macasaet announced Monday, June 10, the program’s renaming from Worker’s Investment and Savings Program (WISP) to MySSS Pension Booster, aligning with its goal of improving members’ retirement funds.

The main objective of the MySSS Pension Booster program is to bolster retirement and savings by providing a projected 7.2% annual return, surpassing the 5.33% return of WISP and the 6.87% return of WISP Plus.

This initiative comes as a result of reforms introduced under the Social Security Act of 2018, with significant support from Finance Secretary Ralph G. Recto. Macasaet expressed gratitude to Recto for his role in the legislation and the establishment of these retirement savings programs now known as MySSS Pension Booster.

Encouraging proactive retirement planning, Macasaet highlighted the program’s advantages for professionals, Overseas Filipino Workers (OFWs), and corporate executives. The emphasis is on attracting individuals with substantial investments, such as doctors, lawyers, and young professionals, to leverage the program for enhanced retirement benefits.

The MySSS Pension Booster comprises both mandatory and voluntary schemes, offering a secure investment avenue for members to fulfill their retirement savings objectives.

Furthermore, Joy A. Villacorta, the Vice President of the Benefits Administration Division at SSS, clarified that the compulsory scheme enrolls SSS members who participate in the Regular SSS Program, giving them a chance to save beyond the set threshold limit automatically.

In the voluntary scheme of MySSS Pension Booster, members can contribute as low as P500 per payment to add to their savings, which grow over time. The scheme is flexible, allowing members to contribute any amount within the specified limits set by collection partners.

Villacorta stressed that members have the flexibility to withdraw contributions and earnings when necessary, with a recommended minimum investment period of five years for optimal returns. She advised staying in the program for at least five years to maximize potential earnings on savings.

Upon reaching retirement, experiencing disability, or in the event of death, members can access their total contributions along with interest tax-free to bolster their retirement funds.  — Renee Ross Villariasa / CNU Intern (FREEMAN)

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