SSS ,launches MySSS Pension Booster for financial security

By Francis Allan L. Angelo

The Social Security System (SSS) introduced its new pension scheme, MySSS Pension Booster, on June 10, 2024, a move Finance Secretary and Social Security Commission (SSC) Chairperson Ralph G. Recto hailed as vital for the financial freedom of Filipino workers.

“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,” said Recto in a speech delivered by Deputy Treasurer Nanette C. Diaz during the launch.

The MySSS Pension Booster is comprised of two components: the mandatory Workers’ Investment and Savings Program (WISP) and the voluntary WISP Plus. The scheme aims to enhance the monthly pension received under the regular SSS program.

Recto, instrumental in the creation of WISP in January 2021 under the Social Security Act of 2018, emphasized the success of the mandatory scheme, which led to the introduction of WISP Plus in December 2022.

Eligibility for the mandatory savings scheme requires SSS members to have a monthly salary credit (MSC) exceeding PHP 20,000 and no final benefit claims such as Total Disability, Retirement, or Death under the Regular SSS Program.

The voluntary scheme, however, is open to all SSS members with at least one posted contribution and no final claims, regardless of their MSC.

The voluntary MySSS Pension Booster offers an affordable, tax-free savings option with a low management fee of 1% per annum. Members can contribute a minimum of PHP 500 monthly, with an anticipated interest rate of 7.2% by the end of 2024. The SSS has committed to investing contributions based on principles of liquidity, safety, security, and yield.

In 2023, the voluntary retirement savings scheme amassed PHP 386 million from 38,000 members.

Expressing his gratitude to SSS President and CEO Rolly Macasaet, Recto encouraged the SSS to explore new markets to benefit more 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.