TAGBILARAN CITY, Bohol (PIA) – The Social Security System (SSS) here is urging its members to boost their savings and retirement fund by trying the MySSS Pension Booster.
SSS renamed its Worker’s Investment and Savings Program (WISP) into MySSS Pension Booster, a voluntary savings scheme which offers a projected annual return of 7.2 percent.
“The MySSS Pension Booster is the worker’s investment which he can get on top of the regular retirement benefit,” explained SSS Senior Communications Analyst Sherwin
The program is a mandatory pension booster for employees
Although a mandatory pension booster for employees in the private sector who are earning P20,000 and above, the provident savings program targets middle to high-income earners with the financial capacity to invest a little bit more.
The pension booster is also open even for member workers in the informal economy who are voluntarily enrolled in the program, aside from Overseas Filipino Workers, corporate executives, and online service workers.
How does it work?
Regular SSS members earning over P20,000 are automatically enrolled in the pension booster, 15 percent of which goes to the regular pension fund and the rest to the pension booster.
For those earning P20,000 below, their contributions go directly to the regular pension, while those under 55 years old can enroll in the pension booster program for a minimum monthly contribution of P500.
“This also goes for those earning way below, but interested in propping up their retirement fund,” said SSS information officer Hazel Navarro.
By opening up a MySSS Pension Booster, members can enjoy affordable to no-maximum amount limit, dividend- earning, tax-free investment.
With the online transactions now available at SSS, contributions can be made online through the SSS website, SSS Mobile App, or the SSS Collection Partners’ app using a Payment Reference Number (PRN) which can also be generated online.
Pension booster contributions can also be done over the counter in SSS branches.
Voluntary members can pay their contributions anytime depending on their capacity to save, although MySSS Pension booster contributions have to be done together with the regular SSS contributions.
Upon retirement, or at the age of 60, members have the option to receive the total accumulated value of the pension booster plus dividends tax-free as a lump sum or pension on top of the regular SSS pension. (RAHC/PIA-7/Bohol)
