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Manila Bulletin devider Philippines devider National devider SSS mandatory provident fund generates P333.77M in its 1st year of implementation

SSS mandatory provident fund generates P333.77M in its 1st year of implementation

Published Jun 27, 2022 04:18 pm

The Social Security System (SSS) said on Monday, June 27 that its mandatory provident fund for its members called the Workers’ Investment and Saving Program (WISP) produced an income of P333.77 million in the first year of its implementation.

(SOCIAL SECURITY SYSTEM)

It also generated a corresponding return of 6.39 percent in the same period.

"Despite the pandemic, SSS investments continued to perform well and provided higher returns compared to other major investment benchmarks while adhering to principles of safety, good yield, and liquidity. Members who contributed to WISP have already gained a substantial earning last year considering it is only the first year of the program’s implementation," said SSS President and Chief Executive Officer Michael Regino.

Regino added that the return of investment for WISP outperforms key market indicators such as the 10-year Treasury bond which averaged 4.1 percent in 2021.

WISP is a provident fund scheme intended as another savings for private-sector workers and other individual members.

It was first implemented by SSS in January 2021 as part of the landmark provisions under Republic Act No. 11199 (the Social Security Act of 2018).

It is being paid together with the contributions to the regular SSS program.

According to the statement, SSS has already collected P21 billion in contributions from over four million members under the program as of April 30.

"The provident fund is a safe, convenient, principal-protected, and tax-free individual retirement savings plan which will supplement a member’s savings from the regular Social Security program," Regino explained.

"All private-sector employees, self-employed individuals, OFW, and voluntary members who have no final claim in the regular SSS program, have contributions in the regular SSS program, and have a monthly salary credit (MSC) that exceeds P20,000 are automatically covered by the program," Regino added. (Luisa Cabato)

Related Tags

Workers’ Investment and Saving Program Michael Regino WISP Social Security System (SSS)
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