Social Security System (SSS) President and Chief Executive Officer Rolando Ledesma Macasaet called on members to take advantage of the SSS savings program that will allow their invested money to grow and earn a higher return yearly.
In a press briefing, Macasaet said that SSS offers them the MySSS Pension Booster as a program to boost their retirement funds and savings, which can provide a projected annual return rate of 7.2 percent.
Macasaet said that the MySSS Pension Booster is composed of mandatory and voluntary schemes. “Under the mandatory scheme, members contributing above the ceiling of P20,000 to the Regular SSS Program are automatically enrolled in the savings plan.”
Meanwhile, Macasaet said that the voluntary scheme is open to all members, especially those who want to invest more in their retirement or savings. SSS also invites those applying for the issuance of a Social Security (SS) number to enroll in the program.
Macasaet explained that 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. 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 remarked.
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.
He added that members are encouraged to retain their money in the program until they retire. “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.
(Source: SSS Press Release)