SSS has launched the MySSS Pension Booster program, which will replace the current Worker's Investment and Savings Program (WISP) and WISP Plus.
According to SSS, this is a better alternative, as WISP only yields 5.33% and WISP Plus yields 6.87%.
The target for the MySSS Pension Booster, according to SSS President and CEO Rolando Macasaet, is corporate managers and executives, doctors, lawyers, overseas Filipino workers, expats, seafarers, and young professionals who require a larger retirement fund.
There are two ways to participate in this program - the mandatory and voluntary schemes. Under the mandatory scheme, SSS members who contribute to the regular program are automatically enrolled, while under the voluntary scheme, interested SSS members can enroll in the savings plan through their My.SSS account.
SSS vice president Joy Villacorta said the mandatory scheme automatically enrolls SSS members contributing to the regular program while the voluntary scheme encourages interested SSS members to enroll in the savings plan through their My.SSS account.
The voluntary participation can be acquired for PHP 500 per payment, while the highest contribution will be based on the limitations set by SSS collection partners.
When the money is needed, members can withdraw their total contribution along with earnings on their investment. Partial or total withdrawal of savings is allowed.
However, according to SSS, it is more beneficial if members remain in the program for at least five years to reap a larger return on their savings.
(Photos from SSS)
