The Philippine Social Security System (SSS) hosted a meet and greet with the Filipino communities to promote the MySSS Pension Booster. This affordable, flexible, and tax-free savings SSS scheme offers a projected 7.2 percent annual return rate.
Launched on June 10, MySSS Pension Booster is a new program designed to improve the financial security of Filipino workers. It is part of the reforms introduced by Republic Act No. 11199, also known as the Social Security Act of 2018.
Many see MySSS Pension Booster as a reliable retirement savings program. It includes both mandatory (Workers’ Investment and Savings Program or WISP) and voluntary options (WISP Plus). SSS encourages members to grow their funds and withdraw from the voluntary scheme after five years, though it is not required.
During the meet and greet, Ernesto D. Francisco Jr., Acting Head of the Investments Sector at the Philippine Social Security System, explained the details and benefits of the MySSS Pension Booster. He focused on how this program benefits overseas Filipino workers (OFWs) and highlighted the differences between this new scheme and the current mandatory scheme.
“Ang kaibahan, yung isa nga, mandatory. Ibig sabihin, yon, kahit ano, hindi mo maliligtasan. Magbabayad ka. Eto voluntary. Whatever you can afford, it’s flexible,” Francisco said.
He also explained that members of the voluntary scheme can withdraw their savings at any time. “Pag biglang nangailangan, pwede mong i-withdraw,” he said.
Since this voluntary scheme allows early withdrawals, Francisco encouraged OFWs at the meet and greet to view it as an opportunity to ‘borrow’ from their own savings instead of taking loans from others.
“In fact in the future, pwede tayong manghiram sa pondo na yun. Alam niyo ba na mas maganda humiram sa pondo niyo kesa dun sa humihiram ka sa iba? Lahat nung interes sa pondo niyo, bumabalik sayo. Pa nanghiram ka sa iba, yung interes, kanya na yun. Yun ang thinking process,” he said.
“Yun yung isa sa kaibahan sa mandatory at voluntary. Yun nga lang, mas madaling palakihin yung mandatory,” he added.
Francisco also reassured the Filipino communities in Dubai that this scheme is very safe to invest in: “Lahat ng pension natin, merong layer of guarantee ang gobyerno pero hindi na kailangan umabot dun dahil maingat yung investment guidelines natin.”
“Never pa kami humingi ng funding sa gobyerno. Never, except nung umpisa. Malamang, tayong kahat, di pa sinisilang nun. 1957, nagbigay ng save money para umpisahan ang programa. Pero after that, wala na,” he added.
For OFWs in the UAE, contributing to the government SSS savings scheme traditionally required payment in the Philippines. Now, they can conveniently do so through SSS-partnered exchange houses or electronic apps like G-Cash.
Francisco urged everyone to sign up for MySSS Pension Booster by downloading the My.SSS application. Those interested can also learn more about the program on the official SSS website.
The MySSS Pension Booster represents a major stride in improving the financial stability of Filipino workers, whether they are in the Philippines or abroad. With its evident advantages and strong oversight, this initiative is expected to greatly bolster the financial security of countless Filipinos.
