July 19, 2024

The Social Security System said members can boost their retirement and savings through the MySSS Pension Booster program, which offers a projected 7.2 percent annual return rate.

SSS President and Chief Executive Officer Rolando Ledesma Macasaet said SSS renamed the Worker’s Investment and Savings Program (WISP) and WISP Plus into the MySSS Pension Booster to reflect the primary goal of the savings program of boosting their retirement funds.

Macasaet said the MySSS Pension Booster savings schemes were part of the reforms introduced by Republic Act 11199 or the Social Security Act of 2018, sponsored by Finance Sec. Ralph G. Recto during his tenure as a senator.

“We want to thank Sec. Recto for helping pass this landmark legislation in 2019. We also want to acknowledge him for conceptualizing these retirement savings schemes, which we rebranded today as MySSS Pension Booster. So, we are grateful that he pushed for the inclusion of the program in the law, which is boosting the retirement funds of millions of members,” Macasaet said.

Aside from being the Finance Secretary, Recto also serves as the Chairperson of the Social Security Commission, the highest governing body of the SSS.

Macasaet emphasized the importance of early retirement planning.

“Aside from renaming the program, we also want to reposition the MySSS Pension Booster to cater more to corporate managers and executives, doctors, lawyers, OFWs, Filipino expats, seafarers, young professionals among others, as we have identified their need for bigger retirement funds. We do not lose sight of the other SSS members through other programs, but our rebranding is a move towards capturing those who want to invest more and can invest more to enroll in the MySSS Pension Booster,” Macasaet said.

Macasaet told them by making retirement their top priority early on, they can ensure they have ample time to reach their retirement goals, adding, “Now is the best time to start building your retirement fund with the help of SSS.”

Macasaet urged members to take control of their retirement planning by using the MySSS Pension Booster program, which supplements members’ savings to enhance the retirement benefit they can get under the Regular SSS Program.

“The MySSS Pension Booster is not just an ordinary retirement savings plan. It’s a safe, convenient, and tax-free investment opportunity that allows you to earn income from your contributions. By participating, you can attain your savings goal, ensuring a comfortable retirement,” Macasaet said.

SSS Vice President for Benefits Administration Division Joy A. Villacorta said that the MySSS Pension Booster consists of mandatory and voluntary schemes.

Villacorta said the mandatory scheme automatically enrolls SSS members contributing to the Regular SSS Program. It gives an opportunity to save more beyond the threshold. – Press release