THE SOCIAL Security System (SSS) urged members to take advantage of the SSS savings program, the MySSS Pension Booster, allowing their invested money to grow and earn a higher return yearly.
In a statement, SSS president Rolando Ledesma Macasaet said boosting their retirement funds and savings could provide members a projected annual return rate of 7.2 percent.
“Under the mandatory scheme, members contributing above the ceiling of P20,000 to the Regular SSS Program are automatically enrolled in the savings plan,” Macasaet said.
Macasaet said the voluntary scheme is open to all members, especially those who want to invest more in their retirement or savings, including those applying for the issuance of a Social Security (SS) number, to enroll in the program.
He said they only need P500 to start savings in the voluntary scheme of the MySSS Pension Booster, and they can contribute any amount anytime because there is no limit on the amount they can invest.
“If you want to build your retirement fund while you are young, invest in the MySSS Pension Booster. Do you have a medium-term financial goal? Why not start saving your money in the MySSS Pension Booster to reach that goal? Our savings program offers so much flexibility than most savings programs,” he added.
He said that SSS allows partial or full withdrawal of their savings in the program wherein they get their total contributions together with the investment earnings.
“When they get their retirement, total disability, or death benefits from the regular SSS program, they will also receive their total contributions plus investment earnings from the MySSS Pension Booster tax-free,” he said.
Macasaet told maritime professionals, Overseas Filipino Workers (OFWs), self-employed professionals, and corporate executives, to start building their retirement funds as early as today, adding, “Planning and saving for retirement should begin from the first day they start earning money.”
The MySSS Pension Booster is among the reforms introduced by Republic Act No. 11199 or the Social Security Act of 2018, sponsored by Finance Secretary Ralph G. Recto during his tenure as a senator, who also serves as the chairperson of the Social Security Commission, the highest governing body of the SSS.
