SSS eyes enhancing new pension scheme

By Anna Leah Gonzales

June 18, 2024, 6:55 pm

MANILA – The Social Security System (SSS) is planning to enhance the MySSS Pension Booster to allow retirees to avail of the program.

"Actually, we’re trying to introduce dahil mayroon hong mga clamor na kahit pensioner na gusto pa rin kasi nga kaya daw nila pang maghulog and then it’s also part of their estate planning. Kumbaga, puwede nilang iiwan din sa pamilya later on dahil may pera naman sila, so they also want (Actually, we're trying to introduce it because there are clamors that even pensioners still want it because they say they can still pay and then it's also part of their estate planning.They can also leave it to their families later on because they have money, and they also want it)," SSS Vice President for Benefits Administration Division Joy Villacorta said during the Bagong Pilipinas Ngayon briefing on Tuesday.

"So, abangan ho ng mga pensioners natin iyan because we will also enhance the program na pati ho kayo puwedeng mag-pension booster pa, dagdagan pa iyong boosters (So our pensioners, watch out for that because we will also enhance the program so that you too can get a pension booster and increase your boosters)," she added.

The MySSS Pension Booster is a retirement savings program composed of both mandatory and voluntary schemes.

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

The mandatory scheme automatically enrolls SSS members contributing to the Regular SSS Program. It gives an opportunity to save more beyond the threshold.

The voluntary scheme, on the other hand, requires interested SSS members to enroll in the savings plan through their My.SSS account.

For as low as PHP500 per payment in the voluntary scheme of MySSS Pension Booster, members can add to their savings, which grow over time.

Villacorta said it is a flexible scheme as members may contribute any amount, with the maximum based on limits set by collection partners.

For urgent cash needs, they can withdraw their total contributions, including its investment earnings because SSS allows partial or full withdrawal of their savings in the program.

Villacorta, however, encouraged SSS members to stay in the program for at least five years to maximize the potential earnings on their savings.

For those who want to use their savings in the program to augment their retirement funds, they have the option to get their total contributions plus interest when they get their retirement, total disability or death benefits from the Regular SSS Program, which is also tax-free.

"So we’re introducing this program because the younger a member starts contributing, the higher the pension; the higher the amount you contribute to this pension booster, the higher the pension," Villacorta said.

Villacorta, meanwhile, encouraged Filipinos who are not yet SSS members to become one.

"We’re encouraging everyone dapat ho may SSS kayo (you should have SSS) because that serves as your basic safety net, basic safety net upon retirement," she said.

"So, kahit ho doon sa mga wala pang SSS number, pero mag-a-apply ho, puwede na ring isabay ang enrollment mo sa voluntary pension booster (So for those who do not yet have an SSS number, but will apply, you can also enroll in the voluntary pension booster," she added. (PNA)