SSS unveils savings plan with 7.2% returns
THE Social Security System (SSS) has launched the MySSS Pension Booster Program, primarily aimed at boosting the members' retirement and savings with a 7.2 percent annual return rate.
Formerly the Worker's Investment and Savings Program (WISP) and WISP Plus, the MySSS Pension Booster reflects the primary goal of the savings program to boost retirement funds, SSS President and Chief Executive Officer Rolando Ledesma Macasaet said in a statement.
He said the savings schemes were part of the reforms introduced through Republic Act 11199, or the Social Security Act of 2018, sponsored by Finance Secretary Ralph Recto during his tenure as a senator.
«We want to thank Secretary Recto for helping pass this landmark legislation in 2019. We also want to acknowledge him for conceptualizing these retirement savings schemes, which we rebranded today as MySSS Pension Booster,» Macasaet said.
«So, we are grateful that he pushed for the inclusion of the program in the law, which is boosting the retirement funds of millions of members,» the top SSS official added.
Recto is the chairman of the Social Security Commission, the agency's highest governing body.
The SSS wanted to reposition the program to cater more to corporate managers and executives, doctors, lawyers, overseas workers, Filipino ex-pats, seafarers, and young professionals, among others, as it identified their need for bigger retirement funds.
Advertisement«We do not lose sight of the other SSS members through other programs, but our rebranding is a move toward capturing those who want to invest more and can invest more to enroll in the MySSS Pension Booster,» Macasaet said.
He urged members to take control of their retirement planning by utilizing the MySSS Pension Booster program, which supplements members' savings to enhance the retirement benefits they can get under the Regular SSS Program.
SSS Vice President for Benefits Administration Division Joy Villacorta said that the MySSS Pension Booster consists of mandatory and voluntary schemes.
The mandatory scheme automatically enrolls SSS members who contribute to the regular SSS program.
AdvertisementIt gives an opportunity to save more beyond the threshold, she
