SSS President and Chief Executive Officer Rolando Ledesma Macasaet announced the rebranding of the Worker’s Investment and Savings Program (WISP) and WISP Plus into the MySSS Pension Booster. The name change reflects the program’s main objective of increasing participants’ retirement assets.
During his time as a senator, Ralph G. Recto, who was the finance secretary, supported Republic Act No. 11199, also known as the Social Security Act of 2018, which included the MySSS Pension Booster savings schemes, according to Macasaet.
“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. 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,” Macasaet said.
Maritime professionals, OFWs, self-employed individuals, and corporate executives were present at today’s relaunching event of the MySSS Pension Booster at the SSS headquarters in Quezon City, where Macasaet emphasized the significance of early retirement planning.
Two Schemes In One program
According to Joy A. Villacorta, VP of the Benefits Administration Division of SSS, the MySSS Pension Booster includes both mandatory and optional plans.
The plan, according to Villacorta, enrolls SSS members who pay into the Regular SSS Program automatically. A chance to save more than what is required is presented.
The MySSS Pension Booster will keep your wages and contributions secure, so you can rest easy. The SSS will handle the administration of your account, where your payments and interest will be stashed, as long as you remain a member of this program. According to Villacorta, contributions to the required MySSS Pension Booster plan are made in the same way as regular SSS contributions.
According to Villacorta, interested SSS members can participate in the savings plan through their My.SSS account under the voluntary arrangement. Individuals who are seeking to obtain a Social Security (SS) number are eligible to enroll in the program as long as they agree to the terms and conditions.
The MySSS Pension Booster voluntary scheme allows members to save money, which increases with time, for as little as P500 every payment. The maximum amount that members can donate is determined by the boundaries imposed by our collection partners, making it a flexible plan,” Villacorta stated.
According to Villacorta, since SSS permits partial or full withdrawal of funds, they can access all of their contributions—including investment earnings—in the event of an emergency. “But we really think you should be a member for at least five years so you can get the most out of your savings,” Villacorta stressed.
Additionally, she mentioned that the Regular SSS Program offers tax-free retirement, total disability, or death benefits, so participants can access their full contributions plus interest, which is a great way to supplement retirement savings.
