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Manila Bulletin devider Business devider SSS voluntary retirement savings hit P36 B

SSS voluntary retirement savings hit P36 B

Published Apr 2, 2023 11:02 am
State-run Social Security System (SSS) said its voluntary retirement savings scheme has more than doubled since the start of the program two years ago due to decent return on investment (ROI). Rolando Ledesma Macasaet, SSS president and chief executive officer, said the pension fund’s total member savings collection from the Workers’ Investment and Savings Program (WISP) reached P35.84 billion last year. This grew 31 percent from only P15.48 billion in 2021. Moreover, the number of SSS members contributing to the WISP also increased by 33 percent to 4.9 million from 3.7 million members in the previous year. WISP is a mandatory provident fund scheme managed by SSS that serves as another savings for private-sector workers and other individual paying members which was launched in January 2021. Macasaet said WISP aims to promote the principle of Work, Save, Invest and Prosper so that members can have a better retirement package aside from their regular benefit. WISP is one of the key provisions under Republic Act No. 11199 or the Social Security Act of 2018. It is a safe, convenient, principal-protected, and tax-free individual retirement savings plan which will supplement a member’s savings from their regular Social Security program. “Under the WISP, each contributing member will have an account wherein SSS will place their contributions and investment earnings. Not only are they saving for their retirement, but their contributions are also earning through the program,” Macasaet said. Qualified are those private-sector employees, self-employed individuals, OFWs, and voluntary members who have no final claim and have contributions in the regular SSS program, and have a Monthly Salary Credit (MSC) that exceeds P20,000. Members pay their WISP contributions together with their regular SSS contributions. Aside from serving as a savings scheme, Macasaet said the program also functions as an investment vehicle for SSS members. The SSS pools the contributions collected from the program and invests them in the capital markets. Earnings realized from the WISP will be distributed proportionately based on the member’s contributions. The program had a good start with a 6.39 percent return on investment (ROI) in 2021 and an estimated 3.4 percent ROI last year. It outperformed the balance fund market benchmarks, which were 0.15 percent and -1.25 percent in 2021 and 2022, respectively. “This indicates that members’ savings invested in WISP will generate decent earnings, which will be added to their total contributions. Consequently, when they retire, they will receive higher benefits from the program,” Macasaet concluded.
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