The Social Security System (SSS) has introduced a new pension scheme to enhance Filipinos’ financial security. This initiative, known as the MySSS Pension Booster, was launched on June 10 and is expected to contribute to the financial independence of Filipino workers significantly.
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New SSS Pension Scheme Philippines 2024
Ralph Recto, who is the Secretary of the Department of Finance (DOF) and also the SSS Chairperson, has stated that the MySSS Pension Booster is in line with the government’s continuous endeavors to guarantee economic stability for all Filipinos, which is crucial for promoting inclusive growth.
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Components of the MySSS Pension Booster
The MySSS Pension Booster is a retirement savings program that includes both mandatory and voluntary schemes:
Mandatory Scheme
Known as the Workers’ Investment and Savings Program (WISP):
- Automatic Enrollment:
- SSS members with a monthly salary credit (MSC) exceeding PHP20,000 are automatically enrolled.
- Eligibility:
- Applicable to members without final benefit claims such as:
- Total Disability
- Retirement
- Death benefits under the Regular SSS Program
- Applicable to members without final benefit claims such as:
Voluntary Scheme
Referred to as WISP Plus:
- Open to All SSS Members:
- Regardless of their MSC.
- Contribution Requirements:
- Requires at least one posted contribution.
- No final claim filed.
- Features:
- Low management fee of 1% per annum.
- Minimum monthly contribution of PHP500.
- Targeted interest rate of 7.2% by the end of 2024.
- Tax-free savings scheme.
Additional Benefits
The MySSS Pension Booster provides an extra layer of financial security for SSS members. This scheme acts as a supplementary benefit to the monthly pension that members receive under the regular SSS program. By participating in the MySSS Pension Booster, members can enhance their retirement savings, ensuring a more comfortable and secure future. The program is designed to offer both mandatory and voluntary savings options, catering to the diverse financial needs and capabilities of Filipino workers.
Encouragement for Further Exploration
Ralph Recto, the Secretary of the Department of Finance (DOF) and SSS Chairperson emphasized the importance of continuously exploring untapped markets to extend the benefits of the Mys Pension Booster to more Filipinos. He highlighted the need for innovative approaches to reach out to various sectors of the workforce, including those in informal employment and remote areas.
Recto assured that the Department of Finance is committed to supporting the SSS in its mission to provide financial assistance to Filipino workers. He reiterated that the DOF stands firmly behind the SSS in its efforts to contribute to national development and promote inclusive growth.
Recto’s call for further exploration underscores the government’s dedication to ensuring that all Filipinos have access to financial security programs. By expanding the reach of the MySSS Pension Booster, the SSS can help more workers achieve financial independence and stability. This initiative aligns with the broader goals of the national government to foster economic growth and improve the quality of life for all citizens.
Summary
Scheme Type |
Eligibility Criteria |
Features |
|---|---|---|
Mandatory |
– MSC > PHP20,000 - No final benefit claims (Total Disability, Retirement, Death) |
– Automatic enrollment - Part of WISP |
Voluntary |
– Open to all SSS members - At least one posted contribution - No final claim |
– Low management fee (1% per annum) - Minimum contribution: PHP500 - Tax-free - Target interest rate: 7.2% by end of 2024 |
Conclusion
The MySSS Pension Booster initiative represents a major stride in safeguarding the financial well-being of Filipino workers, which is in line with the national government’s objectives of fostering inclusive economic growth. The Department of Finance reaffirms its unwavering dedication to assisting the Social Security System (SSS) in its efforts to provide support to Filipino workers and play a pivotal role in the country’s overall development.
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