The Social Security System introduced the Worker’s Investment and Savings Program (WISP) Plus, its newest retirement savings scheme for SSS members.
SSS President and Chief Executive Officer Michael G. Regino said WISP Plus is a voluntary retirement savings program offered exclusively to SSS members in addition to its regular social security program.
“We have been spearheading the concept of work, save, invest, and prosper to our members. WISP Plus is a program both for saving and investing. It is an affordable and tax-free savings scheme which will allow our members to save by contributing to the program and invest because their money will generate earnings,” Regino said.
Regino said that WISP Plus serves as an additional layer of social security protection apart from the retirement benefits that they will receive from the regular SSS program until their retirement.
“For as low as P500 per payment, SSS members can already contribute to the WISP Plus and pay their contribution anytime. We offer our members investment earnings based on rates higher than those provided by banks,” he added.
WISP Plus would cater to all SSS members, regardless of their membership type, declared monthly earnings, and last posted monthly salary credit (MSC).
The current WISP is another provident fund program which is compulsory for SSS members who are contributing to the regular program under the MSC that exceeds P20,000. It was mandatorily implemented in January 2021 as part of the amendment in the SS Law last 2018.
Interested SSS members could join WISP Plus by accepting the terms and conditions of the program using their My.SSS account. They can only apply for WISP Plus once, and membership in the program has no expiration.
Members should not have filed any final benefit claim, such as retirement or total disability benefits, to qualify for the program.
Regino added individuals who applied for their SS number online through the SSS website could easily enroll in the program after receiving their respective SS numbers.
SSS is implementing two voluntary provident fund programs – the Flexi-fund Program for Overseas Filipino Workers residing overseas, and the Personal Equity and Savings Option Fund offered to members living in the Philippines and paying the maximum monthly contributions. The two programs will eventually be part of the WISP Plus.
Regino said starting Jan. 1, the new SSS contribution rate will be 14 percent, a one percentage point increase from the current 13 percent. This is part of the implementation of the Social Security Act of 2018.
For employed members, their employers will shoulder the one percent increase in the contribution rate.
Individual paying members, such as self-employed, voluntary, non-working spouse, and OFW members, will shoulder the whole contribution rate since they have no employers.
Regino said SSS will adjust the minimum and maximum MSCs, which will serve as the basis for the monthly contribution of a member.
The minimum MSC will become P4,000 from the current P3,000 while the maximum MSC will be increased to P30,000 from the current P25,000. – Press release
