Members Can Now Prepare Better Through SSS Pension Booster — A GUIDE
SSS PENSION BOOSTER – The Social Security System launched a new pension scheme to help the members prepare for the future better.
Millions of Filipinos are members of the Social Security System or more commonly called the SSS. Most of its members are individuals who have worked or are currently working in the private sector. Its membership is open to the following:
- private sector employees
- self-employed individuals
- overseas Filipino workers
- household helpers
- voluntary members
- non-working spouses of SSS members
- separated SSS members
To maintain an active and updated membership to the Social Security System, a member must regularly post contribution to the state-run social insurance entity. This is the way to the qualify to the offers of the SSS which includes the SSS loans and the SSS benefits.
The loans and benefit offers of the state-run social insurance agency attend to different situations. Undeniably, the benefit offer that is considered the long-term goal of most members is the SSS Retirement Benefit.
The Retirement Benefit offered by the Social Security System is one way to assure that you have something to turn to when old age comes. It can be given through a pension or a lump sum — and most members prefer the former.
Following the recent announcement of the Social Security System, there is now a way for members to prepare for the future better. The state-run social insurance institution launched the MySSS Pension Booster or the SSS Pension Booster which comes with high interest rates for your savings.
According to SSS Chairperson and Finance Secretary Ralph Recto, the SSS Pension Booster is a retirement savings program that includes both mandatory and voluntary schemes like the Workers’ Investment and Savings Program (WISP) and WISP Plus.
Under the new pension booster scheme, the state-run social insurance entity targets an interest rate of 7.2% by the end of 2024. You can save as low as Php 500 per month. Not only that, it is also a tax-free savings scheme with a very low management fee of 1% annually. The SSS Chairperson said that the management fee will be charged to the member’s total accumulated account value.
The SSS Pension Booster is open for all members with at least one monthly contribution posted regardless of their monthly salary credit (MSC) and has yet to file for any final claim. The members who meet the following criteria are automatically enrolled to the new pension scheme:
- do not have a final benefit claim such as total disability, retirement, and death benefit under the regular SSS program
- with a monthly salary credit (MSC) more than P20,000