The WASP and WASP Plus programs are being updated to help members save more for their retirement. Ronaldo Ledesma Macasaet, the head of SSS, said these changes are part of a new law called the Social Security Act of 2018.
Contents
SSS Pension Booster 2024 Explained
Macasaet thanked Finance Secretary Ralph G. Recto for his help in making these changes. Recto used to be a politician and played a big role in making these programs part of the law. Macasaet said that because of Recto, millions of SSS members can save more for retirement.
Read Below
New Plans for Pension Boosting by SSS
The MySSS Pension Booster has two types of plans: mandatory and voluntary. Joy A. Villacorta, who is in charge of the Benefits Administration Division at SSS, said that the mandatory plan automatically includes members already part of the regular SSS program. This plan lets members save more than usual, and SSS will make sure their money is safe.
The voluntary plan lets interested members join through their MySSS accounts. They can start contributing as little as P500 per payment, and their money will grow over time. Villacorta said that members can withdraw their money and earnings if they need to, but if they stay in the plan for at least five years, they can earn more.
What is the SSS Pension Booster?
The MySSS Booster is not just a plan for saving for retirement. It’s also a safe and easy way for all Filipinos to invest their money without paying taxes on it. It adds to members’ savings in the Regular SSS program, which is meant to help them have a comfortable retirement.
Villacorta said that when members retire, become disabled, or die, they can choose to get all their contributions plus the interest under the Regular SSS program.
Eligibility
Villacorta said that the Regular SSS Program is required for private sector employees earning from PHP 20,000 to PHP 30,000 monthly. The MySSS Pension Booster also includes contributions from employees and their employers, which helps increase retirement savings. SSS encourages Filipinos to join the MySSS Pension Booster to improve their financial security.
Application Process
At the event where they introduced the MySSS Pension Booster again at the SSS headquarters in Quezon City, there were many different professionals there, including people who work overseas, Mariners, people who work for themselves, and corporate executives.
Macasaet said it’s important to start planning for retirement early and encouraged members to start building their retirement funds early with the help of SSS. Members can invest P500 in the MySSS Pension Booster plan or make bigger investments to increase their fund over time.
More Information on the SSS Pension Booster
In short, the MySSS Pension Booster is a big step towards helping citizens plan for their retirement. By changing and improving the savings plans, SSS hopes to help many different professional groups and ensure members can comfortably reach their retirement goals. For those thinking about their future financial security, the MySSS Pension Booster is a good way to build and increase retirement funds with the support and reliability of SSS.
Everyone needs to start investing early because it lets them take advantage of the power of compound interest. Compound interest is when you earn interest on your interest, which is a key way to build wealth over time. The plan also offers an estimated 7.2 per cent compound annual growth rate.
Click the link to know more.
Gaurav, an exam specialist with a passion for education, writes comprehensive articles on exam results and admit cards. His expertise ensures students receive reliable information and useful tips to excel in their exams.