THE Social Security System (SSS) is urging overseas Filipino workers (OFWs) in Singapore to avail of its voluntary provident fund program or the Worker’s Investment and Savings Program (WISP) Plus.
SSS president and CEO Rolando Macasaet, told the 83 OFWs who attended the recent 1st SSS Kapihan sa Singapore to put their hard-earned money in the WISP Plus to build on their
retirement savings and augment their pensions.
The SSS is offering to enable members to increase their retirement pension, apart from the benefits they would get under the regular social security program.
“Save your money with us through the WISP Plus and we will take care of it. When you reach the age of 60, you can get it back together with its investment earnings,” Macasaet said.
WISP Plus is an affordable and flexible savings scheme, wherein the members could contribute as low as P500 whenever they want.
“Members can contribute for as low as P500 per payment whenever they want for this additional layer of social security protection. The members’ pooled contributions under WISP Plus will generate investment earnings, which will be credited to their individual accounts, tax-free,” the SSS official said.
“The program is off to a good start with an estimated 6.86 percent return on investment in 2023. It outperformed the average 1-year Treasury bill rate, which stood at 6.01 percent in 2023. It is an indication that members’ savings invested in the program will generate decent earnings, which will be added to their total contributions resulting to higher benefits when they retire,” he added.
In 2023, the total member savings collection from the voluntary
provident fund program has reached P386 million from over 30,000
members in its first year of implementation.