MySSS Pension Booster: Secure Your Future with This New Savings Plan

Scarlett Hayes
6 Min Read
MySSS Pension Booster

The Social Security System (SSS) of the Philippines has introduced a new scheme called the MySSS Pension Booster. This program aims to help members save more for their retirement. The MySSS Pension Booster replaces the old Worker’s Investment and Savings Program (WISP) and WISP Plus. This article explains what the MySSS Pension Booster is, how it works, and how you can benefit from it.

SSS Pension Booster Announced

The MySSS Pension Booster is designed to enhance the retirement funds of SSS members. SSS President and CEO, Ronaldo Ledesma Macasaet, emphasized that this scheme is part of the reforms under Republic Act No. 11199, also known as the Social Security Act of 2018. Macasaet thanked Finance Secretary Ralph G. Recto for his help in passing the law and creating these retirement savings programs. Secretary Recto’s efforts have greatly benefited millions of SSS members by boosting their retirement savings.

SSS Relaunched Schemes For Pension Booster Plan

The MySSS Pension Booster has both mandatory and voluntary schemes. Joy A. Villacorta, SSS Vice President for the Benefits Administration Division, explained that mandatory schemes automatically enroll members who are already contributing to the regular SSS program. This allows members to save more, with SSS managing their contributions and earnings securely.

On the other hand, the voluntary scheme lets members enroll through their MySSS accounts. Contributions start as low as PHP 500 per payment. This scheme is flexible and allows members to withdraw their contributions in case of urgent needs. However, staying enrolled for at least five years maximizes the earnings potential.

What is SSS Pension Booster?

The MySSS Pension Booster is a retirement saving plan designed to be a safe, convenient, and non-taxable investment opportunity for Filipinos. It supplements the savings under the Regular SSS program, providing a comfortable retirement. Members can opt for total contributions plus interest when claiming retirement, total disability, or death benefits under the Regular SSS program.

The Regular SSS Program is mandatory for private sector employees earning from PHP 20,000 to PHP 30,000 monthly. The MySSS Pension Booster includes mandatory contributions from employees and employers, enhancing retirement savings. The SSS encourages Filipinos to join the MySSS Pension Booster to secure their financial future.

How to Benefit from SSS Pension?

At the relaunch event for the MySSS Pension Booster, professionals from various fields, including overseas Filipinos, mariners, self-employed individuals, and corporate executives, were present. Macasaet highlighted the importance of early retirement planning, urging members to start building their retirement funds early with SSS’s help. Participants can invest as little as PHP 500 in the MySSS Pension Booster plan and increase their investments over time to grow their fund.

To start benefiting from the MySSS Pension Booster, you need to sign up through the SSS’s main portal. Once you have your MySSS account, you can begin investing in the MySSS Pension Booster and enjoy the benefits during your retirement. Saving early and consistently is crucial for a secure future.

All Details On SSS Pension Booster

The MySSS Pension Booster is a significant step towards improving retirement planning for Filipinos. By rebranding and enhancing the savings schemes, the SSS aims to serve various professional groups and help members achieve their retirement goals comfortably. For those thinking about their future financial security, the MySSS Pension Booster is a practical option to build and grow retirement funds with SSS’s reliable support.

Investing early is important as it allows you to benefit from compound interest, which is the interest on interest, a key factor in building wealth over time. The MySSS Pension Booster offers an estimated 7.2% compound annual growth rate. For more information on the SSS Pension Plan, visit our main page.

What is the MySSS Pension Booster?

The MySSS Pension Booster is a new retirement savings program by the SSS of the Philippines. It helps members save more for retirement through both mandatory and voluntary schemes.

How can I join the MySSS Pension Booster?

You can join the MySSS Pension Booster by signing up through your MySSS account on the SSS portal. Once registered, you can start contributing to the program.

How much do I need to contribute to the MySSS Pension Booster?

The minimum contribution for the MySSS Pension Booster is PHP 500 per payment. You can contribute more if you want to increase your retirement savings.

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Scarlett is a celebrated author known for her evocative prose and richly textured narratives. Born and raised in a quaint coastal town, Scarlett love for storytelling was nurtured by the rhythmic sounds of the ocean and the vibrant stories shared by the local fishermen. She pursued her passion for literature at the University of Cambridge, where she earned a degree in English Literature.
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