State-run Social Security System (SSS) is targeting to raise approximately P5 billion next year as an initial deposit from its revamped retirement program.
Rolando Ledesma Macasaet, SSS president and chief executive officer, said he is confident in achieving the P5 billion goal due to the attractive tax-free 7.2 percent annual projected return rate.
Macasaet said the projected return on investment could entice members to participate in the MySSS Pension Booster.
The state pension fund unveiled on Monday, June 10, the rebranded program, formerly known as the Worker’s Investment and Savings Program (WISP) and WISP Plus.
Macasaet said the rebranding initiative is intended to better serve corporate managers, executives, doctors, lawyers, OFWs, Filipino expats, seafarers, young professionals, and other target demographics.
Macasaet said that by making retirement their top priority early on, they can ensure they have ample time to reach their retirement goals, adding, “Now is the best time to start building your retirement fund with the help of SSS.”
It will have two schemes: mandatory and voluntary schemes.
The mandatory scheme will automatically enroll SSS members contributing to the regular SSS program, while the voluntary scheme will require interested SSS members to enroll in the savings plan through their My SSS account.
“For as low as P500 per payment in the voluntary scheme of MySSS Pension Booster, members can add to their savings which grows over time,” SSS Vice President for Benefits Administration Division Joy A. Villacorta said.
“It’s a flexible scheme as members may contribute any amount, with the maximum based on limits set by our collection partners,” Villacorta added.
Under the WISP, total member savings collection reached P79.51 billion since the start of its implementation in 2021 until end-2023.
SSS collected P15.48 billion in 2021, which grew by 31 percent to P20.4 billion in 2022, bringing the total WISP contributions to almost P36 billion.
Some P43.63 billion was added to the program in 2023, bringing the aggregate amount to nearly P80 billion.
Meanwhile, SSS Members who contributed to the WISP reached 6.02 million last year, up by 23 percent than the 4.9 million in 2022.