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Tuesday, July 23, 2024

SSS rolls out newest retirement savings program for members

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The Social Security System (SSS) has launched its worker’s investment and savings program (WISP) Plus, its newest retirement savings scheme for SSS members.

SSS president and chief executive officer Michael Regino said WISP Plus is a voluntary retirement savings program offered exclusively to SSS members in addition to the agency’s regular social security program.

 “We have been spearheading the concept of work, save, invest, and prosper to our members. WISP Plus is a program both for saving and investing. It is an affordable and tax-free savings scheme which will allow our members to save by contributing to the program and invest because their money will generate earnings,” Regino said.

He said WISP Plus serves as an additional layer of social security protection apart from the retirement benefits that they will receive from the regular SSS program until their retirement.

“For as low as P500 per payment, SSS members can already contribute to the WISP Plus and pay their contribution anytime. We offer our members investment earnings based on rates higher than those provided by banks,” he added.

WISP Plus would cater to all SSS members regardless of their membership type, declared monthly earnings, and last posted monthly salary credit (MSC).

The current WISP is another provident fund program which is compulsory for SSS members who are contributing to the regular program under the MSC that exceeds P20,000.

It was mandatorily implemented in January 2021 as part of the amendment in the SS Law last 2018.

Interested SSS members could join WISP Plus by accepting the terms and conditions of the program using their My.SSS account.

They can apply for WISP Plus only once, and membership in the program has no expiration.

They should not have filed any final benefit claim, such as retirement or total disability benefits, to qualify for the program.

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