STA. BARBARA, Pangasinan — The Social Security System (SSS) encourages its members to join the ‘MySSS Pension Booster’ program to enhance their retirement fund with an annual return rate of up to 7.2 percent.
Jocelyn Lim, assistant branch head of SSS-Dagupan City, said the program replaced the previous Workers’ Investment and Saving Program (WISP) and WISP Plus, and has two schemes.
She explained, “The mandatory scheme is for employees in the salary bracket above P20,000, you are automatically enrolled as long as that is where you are making your contributions, while the voluntary scheme is for those who pay their contributions voluntarily such as the Overseas Filipino Workers and self-employed.”
She added, “In the voluntary scheme of the program, an application is required, which should be done through the My.SSS account.”
Lim said members can start contributing voluntarily with as low as P500, allowing their savings to grow over time.
They can contribute any amount at any time, as there is no limit on the investment amount.
Lim encourages SSS members to stay in the program for at least five years to maximize potential earnings.
Also, longer periods with SSS result in higher returns on their investments.
The program offers a tax-free and flexible savings option that allows members to make partial or full withdrawals of their savings.
Members can access their total contributions along with the investment earnings.
Lim said their system has not yet released a process for claiming under the MySSS Pension Booster.
However, they expect this to be available in the coming days.
The MySSS Pension Booster offers returns well above those provided by commercial and universal banks, and according to Lim, no other program currently offers comparable returns. (MJTAB/JCDR/PIA Pangasinan)
