Features of SSS Pension Booster Members May Avail
SSS PENSION BOOSTER – The Social Security System gives members an option to withdraw their savings under the MySSS Pension Booster.
In the Philippines, one of the state entities with millions of members is the SSS or the Social Security System. It is operating in the country for decades now in the service of countless Filipino people who want to prepare for the future.
Most of the SSS members are locally-employed and self-employed individuals. In the case of the former, their employers pay a portion of their monthly contribution to the state entity. Most employers directly remit their employees’ contribution through a salary deduction.
The SSS members may qualify to the different SSS benefits and loans in times of different needs. Undeniably, the benefit offer that most members look forward to the most is the Retirement Benefit which is either a monthly pension or a lump sum.
Recently, the Social Security System has added another option for members who want to increase their pension after retirement — the MySSS Pension Booster.Recently, the Social Security System has added another option for members who want to increase their pension after retirement — the MySSS Pension Booster.
Through the MySSS Pension Booster, members have the chance of growing their savings for retirement fast with a high interest rate. The target return rate of the savings by the end of 2024 is 7.2%.
Under the said SSS pension booster scheme, a member can start with as low as Php 500 monthly savings. The members who want to save under this new pension scheme also have the options to make a partial or full withdrawal of the savings.
In case of the death of the member, the kin of a member who saved under the MySSS Pension Booster will get the full savings of the deceased member. It is aside from the monthly pension under the regular SSS Retirement Benefit.
The Social Security System said that it will also be active in running after the employers who do not pay their share in the monthly contributions of their members. Thus, it is warning all employers to do their moral and legal obligation to their workers.