The MySSS Pension Booster program offers a strategic way for SSS members to enhance their retirement savings with a projected annual return of 7.2%.
This program, which evolved from the Worker’s Investment and Savings Program (WISP) and WISP Plus, is open to all SSS members, including employed, self-employed, OFWs, and voluntary ones.
It includes both mandatory and voluntary schemes, with the latter requiring a minimum contribution of ₱500 per month.
The program allows for flexible contributions and withdrawals, providing a safe and tax-free investment opportunity for a stress-free retirement.
What is MySSS Pension Booster?
The Pension Booster is a revamped version of the Worker’s Investment and Savings Program (WISP) and WISP Plus.
SSS President and CEO Rolando Ledesma Macasaet explained that this new name better reflects the program’s primary goal of increasing members’ retirement funds.
The program is part of the reforms under Republic Act No. 11199, or the Social Security Act of 2018, championed by Finance Secretary Ralph G. Recto.
Macasaet thanked Secretary Recto for his role in conceptualizing and pushing for these savings schemes.
The rebranding aims to attract corporate managers, executives, professionals, and others who seek to invest more for a larger retirement fund.
Why Choose MySSS Pension Booster?
Secure Your Future
Macasaet highlighted that the MySSS Pension Booster is not just a retirement savings plan but a secure and tax-free investment opportunity.
By participating, members can achieve their savings goals and a comfortable retirement.
Flexibility and Accessibility
The voluntary scheme offers flexibility, allowing members to contribute according to their capacity and withdraw funds when needed.
This flexibility is especially beneficial for those with varying income levels, such as freelancers and self-employed individuals.
High Yield and Tax Benefits
With a 7.2% projected annual return, the MySSS Pension Booster offers higher earnings compared to traditional savings accounts and time deposits.
The tax-free nature of the program means members can enjoy the full benefits of their investment.
Why Early Retirement Planning is Important
During the relaunch event at the SSS headquarters in Quezon City, Macasaet emphasized the importance of early retirement planning.
By prioritizing retirement savings early, members will have sufficient funds for a comfortable retirement.
Macasaet urged members to take advantage of the MySSS Pension Booster program to supplement their regular SSS savings.
How MySSS Pension Booster Works
Two Schemes in One Program
SSS Vice President for Benefits Administration Division Joy A. Villacorta detailed that the Pension Booster consists of both mandatory and voluntary schemes.
- Mandatory Scheme:
- Automatically enrolls SSS members contributing to the Regular SSS Program.
- Members can save beyond the regular threshold.
- Contributions and earnings are managed by SSS.
- Voluntary Scheme:
- Members can enroll through their My.SSS account.
- Requires a minimum contribution of ₱500 per payment.
- Members can contribute any amount, with limits set by collection partners.
- Flexible and allows for partial or full withdrawals.
How to Enroll
- For Mandatory Scheme:
- Automatic enrollment for members with a monthly salary credit (MSC) over ₱20,000.
- For Voluntary Scheme:
- Enroll through the My.SSS account portal.
- Open to all members with at least one posted contribution and no final claims.
- New members can enroll during the application for a Social Security (SS) Number.
Comparing WISP Plus and MySSS Pension Booster Program
The Pension Booster program has been introduced with significant improvements over the previous Worker’s Investment and Savings Program (WISP) Plus.
Here are the key differences:
Naming and Positioning
The program has been rebranded from WISP Plus to MySSS Pension Booster.
This new name better reflects its primary goal: boosting members’ retirement funds.
Eligibility and Enrollment
Mandatory Scheme:
- Automatically enrolls SSS members with a monthly salary credit (MSC) over ₱20,000.
Voluntary Scheme:
- Open to all members with at least one posted contribution and no final claims.
- Requires enrollment through the My.SSS account.
Contribution Amounts
Voluntary Scheme:
- Minimum contribution is ₱500 per month, unlike WISP which had no minimum.
- Members can contribute any amount, with limits set by collection partners.
- This offers more flexibility compared to WISP’s fixed maximum contribution.
Investment Returns
- MySSS Pension Booster offers a projected annual return of 7.2%.
- This is higher than the 6.39% returns reported for WISP.
Withdrawal and Benefits
Flexible Withdrawals:
- Members can withdraw their total contributions plus investment earnings for urgent cash needs.
- WISP did not allow withdrawals.
Enhanced Retirement Benefits:
- For retirement, total disability, or death benefits, members can get their total contributions plus interest from the MySSS Pension Booster.
- This is in addition to their regular SSS benefits.
Comparing MySSS Pension Booster and Pag-IBIG MP2
Both the Pension Booster program and the Pag-IBIG MP2 savings program offer valuable opportunities for Filipinos to grow their retirement savings. However, there are significant differences between these two programs that potential investors should consider.
Eligibility
The MySSS Pension Booster program is open to all SSS members. This includes those who are employed, self-employed, OFWs, and voluntary ones.
On the other hand, Pag-IBIG MP2 is available only to Pag-IBIG members. This generally includes individuals who are already contributing to the Pag-IBIG Fund.
Contribution Limits
For the Pension Booster, the minimum contribution for the voluntary scheme is ₱500 per month. This makes it accessible for members with different financial capacities.
In contrast, Pag-IBIG MP2 does not have a minimum contribution requirement, but it has a maximum investment limit of ₱100,000 per year. This may be more suitable for those who can commit larger sums annually.
Investment Returns
The MySSS Pension Booster offers a projected annual return of 7.2%. This high return rate is designed to significantly boost members’ retirement funds over time.
Pag-IBIG MP2, while also competitive, provided an interest rate of 7.03% as of 2022. Though slightly lower than the alternative, it still offers a substantial return for investors.
Withdrawal and Benefits
One of the standout features of the Pension Booster is its flexibility with withdrawals. Members can make partial or full withdrawals of their contributions plus earnings for urgent needs. This makes your money accessible when you need it most.
Pag-IBIG MP2, however, has a fixed 5-year maturity period before funds can be withdrawn. While this encourages long-term saving, it may not be as flexible for those who need quicker access to their savings.
Payment Channels
The Pension Booster contributions can be made through over-the-counter transactions at SSS branches and accredited collecting partners. This offers a straightforward method for those who prefer traditional payment methods.
Pag-IBIG MP2 provides more flexible payment options. Members can use salary deduction, over-the-counter transactions, and online payments through mobile wallets and payment centers. This variety makes it easier for them to contribute regularly and conveniently.
Video: Mas malaking SSS retirement savings, garantisado! | ASPN
Discover how your retirement savings can grow with an expected annual income of 7.2% through SSS My Pension Booster. Get insights from Atty. Edgar Cruz, SSS’s Senior VP and Chief Actuary, as shared by Team ASPN.
Conclusion
The MySSS Pension Booster program by the SSS is a game-changer for those looking to enhance their retirement savings.
With its high return rate, flexibility, and safety, it offers a valuable opportunity for members to secure their financial future.
Now is the best time to start building your retirement fund with the help of SSS.
By making retirement a priority today, you can prepare for a more comfortable and secure future.
Enroll in the MySSS Pension Booster program and take control of your retirement planning.
For more information and to enroll, visit the SSS Member Portal or contact your nearest SSS branch.
Start your journey towards a secure retirement with the Pension Booster program today.