The Social Security System (SSS) has launched a new pension scheme to boost the financial security of Filipinos.
SSS Chairperson and Finance Secretary Ralph Recto explained the MySSS Pension Booster launched on June 10 will pave the way for “financial freedom for every Filipino worker.”
“This program aligns perfectly well with the national government’s ongoing efforts to ensure financial security for all Filipinos, which is the cornerstone of inclusive growth,” Recto said.
SSS explained the MySSS Pension Booster is a retirement savings program composed of both mandatory and voluntary schemes such as the Workers’ Investment and Savings Program (WISP) and WISP Plus, respectively.
The booster will serve as an additional benefit to the monthly pension from the retirement benefit under the regular SSS program.
The state pension agency said SSS members who do not have a final benefit claim such as total disability, retirement, and death benefit under the regular SSS program, and whose monthly salary credit (MSC) is more than P20,000, are automatically enrolled in the mandatory savings scheme of the MySSS Pension Booster.
Meanwhile, the voluntary savings scheme is open to all SSS members regardless of the MSC, with at least one posted contribution and no final claim yet filed.
“The voluntary MySSS Pension Booster is an affordable and tax-free savings scheme with a low management fee of 1 percent per annum, which will be charged to the total accumulated account value of the member,” Recto said.
With a minimum monthly contribution of PHP500, the SSS said the voluntary savings scheme of the MySSS Pension Booster is targeted to have an interest rate of 7.2 percent at the end of 2024.
The Finance Secretary said he encourages the SSS to continue exploring untapped markets that will benefit Filipinos.
“Rest assured, the Department of Finance stands firmly behind the SSS in fulfilling its noble mission of lending a hand to Filipino workers while remaining a reliable partner of the government in national development,” Recto said.
