The Social Security System (SSS) has introduced the MySSS Pension Booster Program, replacing the previous Workers’ Investment and Savings Program (WISP) and WISP Plus.
This new initiative aims to enhance retirement savings for members, offering a projected annual return of 7.2%, surpassing the 6.87% from WISP Plus and 5.33% from WISP. Additionally, SSS continues to provide disability benefits for eligible members.
Contribution Structure of the MySSS Pension Booster Program
The MySSS Pension Booster Program is designed to augment members’ retirement funds through structured contributions from both employees and employers. The contribution rates are as follows:
| Contribution Type | Percentage of Monthly Earnings |
|---|---|
| Employee | 4.5% |
| Employer | 9.5% |
| Total | 14% |
Eligibility Criteria for the MySSS Pension Booster Program
To participate in the MySSS Pension Booster Program, members must meet specific eligibility requirements:
- Age Requirement: Must be at least 60 years old to receive retirement benefits.
- Residency: Must be a permanent resident of the Philippines with valid citizenship.
- Income Limits: Should have no additional income sources, with income falling within limits established by the SSS.
- Required Contributions: Must have made the necessary contributions to qualify for benefits.
For detailed information on eligibility, members are encouraged to visit the official SSS website.
Additional Benefits: Disability and Death
SSS provides additional benefits to support members in various circumstances:
- Disability Benefits: Members who become permanently disabled, either totally or partially, may qualify for disability benefits. The severity and permanence of the disability are assessed by SSS to determine eligibility.
- Death Benefits: In the event of a member’s death, beneficiaries may receive death benefits, which can include a lump-sum payment or a monthly pension, depending on the member’s contributions and eligibility.
Payment Schedule for 2024
SSS typically disburses payments on the last business day of each month. The expected payout dates for 2024 are:
- August 30
- September 28
- October 31
- November 28
- December 31
These dates are subject to change, and SSS will provide updates on any adjustments to the payout schedule.
Application Process for SSS Pension Programs
Applying for SSS pension programs involves several steps:
- Registration: Register using your SSS number on the official SSS website.
- Submission of Application: Download and complete the application form from the website.
- Required Documents: Submit supporting documents such as proof of age, contribution records, residency proof, birth certificate, and valid ID.
Upon approval, recipients will receive their pension. Applicants can check their application and payment status online or contact authorized SSS representatives for assistance.
Important Considerations
- Double Employment: Engaging in employment with two companies simultaneously is illegal and can lead to termination and legal consequences.
- Accurate Reporting: Employees must accurately report their employment status and any changes to both their employer and SSS to ensure compliance with regulations.
- Penalties: Non-compliance with reporting requirements and regulations on double employment can result in penalties, fines, and legal action.
What is the MySSS Pension Booster Program?
The MySSS Pension Booster Program is a rebranded voluntary savings scheme aimed at enhancing retirement savings for SSS members, offering a projected annual return of 7.2%.
Who is eligible for the MySSS Pension Booster Program?
All SSS members, regardless of their Monthly Salary Credit (MSC), with at least one posted contribution and without a filed final benefit claim, are eligible to participate.
How are contributions to the MySSS Pension Booster Program structured?
Contributions are divided between the employee and employer, with employees contributing 4.5% and employers contributing 9.5% of the employee’s monthly earnings, totaling a 14% contribution rate.
