Dreaming of hefty pension?

Try MySSS pension booster

TAGBILARAN CITY, Bohol (PIA)—Yes, bank savings are great, but nothing still beats working out a personal provident fund supplemented by an equally the same amount as employer’s monthly contribution, making up one’s monthly savings for retirement fund.

And yes propping that up with a little more from a bit of that extra fund even sweetens the pot.

That is how good getting to the MySSS pension booster is, shares Social Security Systems (SSS) Senior Communications Analyst Sherwin Dan Solibaga II, who along with SSS Information Officer Hazel Navarro, came as guests to the weekly internet-streamed Kapihan sa PIA.

Then billed and Workers’ Investment Savings Program Plus (WISP Plus), a voluntary savings scheme immaterial of their monthly salary credit, as long as they posted at least one contribution, or for a simple application for SSS number issuance, the MySSS Pension Booster is the worker’s investment which he can get on top of the regular retirement benefit, Solibaga explained.

Although a mandatory pension booster for employees in the private sector who are earning P20,000 and above, the provident savings program targets middle to high-income earners with the financial capacity to invest a little bit more, the pension booster is in fact open even for member workers in the informal economy voluntarily enrolling in the program, according to SSS Officials.

This means just as the boosted providence savings for retirement program is open for Overseas Filipino Workers, corporate executives, online service workers, it also is good for workers in the informal sector who desire to have disciplined spending for future financial security.

How does it work?

As to Solibaga, regular members earning over P20,000 are automatically enrolled into the pension booster: and by regulations, he is giving out P3,000 per month (or 15 percent of P20,000) goes to his regular pension fund and the extra he contributes slides into the pension booster.

Those earning P20,000 below, his contributions go directly to the regular pension, and under 55 years old, he could enroll in the pension booster program for a minimum monthly contribution of P500, which goes directly into the pension booster savings.

This also goes for those earning way below, but interested in propping up his retirement fund, Navarro emphasized.

Apart from the monthly contributions which is supplemented by the employer, by opening up a MySSS Pension Booster, which is as easy as downloading the MySSS apps on your mobile, for affordable to no-maximum amount limit, dividend- earning, tax-free investment

With the online transactions now available at SSS, contributions can be made online through the SSS website, SSS Mobile App, or SSS’ Collection Partners’ app using a Payment Reference Number (PRN) which can also be generated online.

In fact, pension booster contributions can be handed over the counter through SSS branches with teller facilities, but with the number of clients transacting at the SSS branches, officials would rather suggest to transact via online.

For voluntary members, contributions can be paid anytime depending on the capacity to save, although MySSS Pension booster contributions have to be done with the regular SSS contributions.

Upon retirement, or at the age of 60, members have the option to receive the total accumulated value of the pension booster plus dividends, tax free, as a lump sum or pension on top of the regular SSS pension, SSS said. (RAHC/PIA-7/Bohol)

BOOSTED PENSION FUND? Dreaming of a hefty pension, regular and voluntary members can prop up their pension funds, not just by employer contribution or investment shares, a pension booster program is now available at MySSS, reveals SSS Senior communications Analyst Sherwin Dan Solibaga, who along with Hazel Navarro guested the Kapihan sa PIA sa Bohol. (PIABohol)