The Social Security System (SSS) has unveiled the MySSS Pension Booster, a transformative initiative aimed at bolstering the financial security of Filipino workers.
Launched on June 10, 2024, this program offers both mandatory and voluntary savings schemes designed to enhance retirement benefits and promote economic stability among members.
Understanding the MySSS Pension Booster
The MySSS Pension Booster is a provident fund/savings program comprising two components:
- Mandatory Scheme: This scheme, formerly known as the Workers’ Investment and Savings Program (WISP), automatically enrolls SSS members with a Monthly Salary Credit (MSC) exceeding PHP20,000. It is applicable to members who have not filed final benefit claims such as total disability, retirement, or death benefits under the regular SSS program.
- Voluntary Scheme: Referred to as WISP Plus, this scheme is open to all SSS members regardless of their MSC. Eligibility requires at least one posted contribution and no final benefit claims filed. Members can contribute a minimum of PHP500 per payment, with no maximum limit, depending on the SSS-partner collecting agent.
Key Features and Benefits
- Affordable Savings: Members can contribute as low as PHP500 per payment, making it accessible to a broad spectrum of income earners.
- High Return on Investment: In 2023, the fund for the voluntary retirement savings scheme reached PHP386 million, with a return on investment (ROI) of 6.97%. The SSS targets a 7.2% interest rate by the end of 2024.
- Tax-Free Investment: Both contributions and investment earnings under the MySSS Pension Booster are tax-free, enhancing the net benefits for members.
- Flexible Payment Terms: Members can contribute anytime, depending on their capacity to save. However, payments to the MySSS Pension Booster must be made together with regular SSS contributions.
- Easy Access and Monitoring: Members can monitor their contributions through their individual My.SSS accounts, with real-time posting of contributions. Investment income will also be visible in their My.SSS account soon.
- Withdrawal Options: Members have the option to withdraw their savings partially or in full under certain conditions, with varying income reductions depending on the years of membership.
Eligibility Criteria
The eligibility criteria for the MySSS Pension Booster are as follows:
| Scheme Type | Eligibility Criteria |
|---|---|
| Mandatory | – MSC > PHP20,000 – No final benefit claims (Total Disability, Retirement, Death) |
| Voluntary | – Open to all SSS members – At least one posted contribution – No final claim filed |
Enrollment Process
- Mandatory Scheme: Employed members earning more than PHP20,000 are automatically enrolled. Their contributions, along with their employer’s share, are included in the monthly SSS remittance by their companies.
- Voluntary Scheme: Members can enroll through their individual My.SSS accounts. To enroll, log in to your account, click “Enroll to MySSS Pension Booster (Voluntary)” under the Services tab, then read and accept the terms and conditions of the program.
Additional Benefits
The MySSS Pension Booster provides an extra layer of financial security for SSS members. This scheme acts as a supplementary benefit to the monthly pension that members receive under the regular SSS program.
By participating in the MySSS Pension Booster, members can enhance their retirement savings, ensuring a more comfortable and secure future.
Encouragement for Further Exploration
Finance Secretary and SSS Chairperson Ralph Recto emphasized the importance of continuously exploring untapped markets to extend the benefits of the MySSS Pension Booster to more Filipinos.
He highlighted the need for innovative approaches to reach various sectors of the workforce, including those in informal employment and remote areas.
Recto assured that the Department of Finance is committed to supporting the SSS in its mission to provide financial assistance to Filipino workers. He reiterated that the DOF stands firmly behind the SSS in its efforts to contribute to national development and promote inclusive growth.
Conclusion
The MySSS Pension Booster initiative represents a significant stride in safeguarding the financial well-being of Filipino workers, aligning with the national government’s objectives of fostering inclusive economic growth.
The Department of Finance reaffirms its unwavering dedication to assisting the Social Security System (SSS) in its efforts to provide support to Filipino workers and play a pivotal role in the country’s overall development.
What is the MySSS Pension Booster?
The MySSS Pension Booster is a provident fund/savings program introduced by the Social Security System (SSS) to enhance the retirement savings of Filipino workers. It comprises both mandatory and voluntary schemes, offering flexible contribution options and competitive returns.
Who is eligible for the MySSS Pension Booster?
The Mandatory Scheme is for SSS members with a Monthly Salary Credit (MSC) exceeding PHP20,000 and who have not filed final benefit claims. The Voluntary Scheme is open to all SSS members with at least one posted contribution and no final benefit claims filed.
How can I enroll in the MySSS Pension Booster?
Employed members eligible for the Mandatory Scheme are automatically enrolled. For the Voluntary Scheme, members can enroll through their individual My.SSS accounts by selecting “Enroll to MySSS Pension Booster (Voluntary)” under the Services tab and accepting the terms and conditions.
