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Manila Bulletin devider Business devider Recto: MySSS Pension Booster enhances Filipinos' financial security

Recto: MySSS Pension Booster enhances Filipinos' financial security

Published Jun 12, 2024 03:03 am

The Department of Finance (DOF) said the newly launched pension scheme by the Social Security System (SSS) is a vital step towards financial empowerment for Filipino workers.

In a statement, Finance Secretary Ralph G. Recto said the MySSS Pension Booster program is closely aligned with the government's continuous efforts to secure financial well-being for all Filipinos.

Recto, who also serves as the Security Commission (SSC) Chairperson, noted, "This program aligns perfectly well with the national government’s ongoing efforts to ensure financial security for all Filipinos, which is the cornerstone of inclusive growth.”

The MySSS Pension Booster comprises a retirement savings program that includes both mandatory and voluntary components - the Workers’ Investment and Savings Program (WISP) and WISP Plus, respectively.

Recto played a key role in the establishment of WISP, which was introduced in January 2021 under the Social Security Act of 2018, a bill he sponsored during his tenure as a legislator.

Following the compulsory WISP, the SSS introduced WISP Plus in December 2022.

The Booster, meanwhile, functions as an additional benefit to the monthly pension provided by the regular SSS retirement program.

All SSS members without a final benefit claim, such as Total Disability, Retirement, and Death benefits under the Regular SSS Program, and whose monthly salary credit (MSC) exceeds P20,000, are automatically enrolled in the mandatory savings scheme of the MySSS Pension Booster.

Conversely, the voluntary savings scheme is accessible to all SSS members, regardless of their MSC, as long as they have made at least one contribution and have not yet filed a final claim.

Moreover, the voluntary MySSS Pension Booster is an affordable and tax-free savings plan with a minimal management fee of one percent yearly, applied to the total accumulated account value of the member.

By making a minimum monthly contribution of P500, participants in the voluntary savings scheme of the MySSS Pension Booster are projected to receive an interest rate of 7.2 percent by the end of 2024.

The SSS assured its members that contributions are invested following the key principles of liquidity, safety, security, and yield.

In 2023, the fund for the voluntary retirement savings scheme grew to P386 million from 38,000 members.

Related Tags

Department of Finance (DOF) ralph recto Finance Secretary MySSS Pension Booster
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