New SSS pension scheme to boost Filipinos' financial security –Recto

By Anna Leah Gonzales

June 12, 2024, 3:13 pm

<p>Department of Finance Secretary and Social Security System Chairperson Ralph Recto. <em>(File photo)</em></p>

Department of Finance Secretary and Social Security System Chairperson Ralph Recto. (File photo)

MANILA – The newly-launched pension scheme of the Social Security System (SSS) will help boost the financial security of Filipinos, Department of Finance (DOF) Secretary and SSS Chairperson Ralph Recto said.

In a statement on Wednesday, Recto said the MySSS Pension Booster, which was launched on June 10, will pave the path toward financial freedom for every Filipino worker.

“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,” he said.

The MySSS Pension Booster is a retirement savings program composed of both mandatory and voluntary schemes such as the Workers’ Investment and Savings Program (WISP) and WISP Plus, respectively.

The Booster serves as an additional benefit to the monthly pension from the retirement benefit under the regular SSS program.

All SSS members who do not have a final benefit claim such as Total Disability, Retirement, and Death benefit under the Regular SSS Program, and whose monthly salary credit (MSC) is more than PHP20,000, are automatically enrolled in the mandatory savings scheme of the MySSS Pension Booster.

On the other hand, the voluntary savings scheme is open to all SSS members regardless of the MSC, with at least one posted contribution and no final claim yet filed.

The voluntary MySSS Pension Booster is an affordable and tax-free savings scheme with a low management fee of 1 percent per annum, which will be charged to the total accumulated account value of the member.

With a minimum monthly contribution of PHP500, the voluntary savings scheme of the MySSS Pension Booster is targeted to have an interest rate of 7.2 percent at the end of 2024.

Recto encouraged the SSS to continue exploring untapped markets that will benefit Filipinos.

“Rest assured, the Department of Finance stands firmly behind the SSS in fulfilling its noble mission of lending a hand to Filipino workers while remaining a reliable partner of the government in national development,” he said. (PNA)