SSS unveils saving schemes with 7.2% returns to boost members’ retirement fund

by Info @Brand Zone | June 10, 2024

The Social Security System (SSS) today announced that its members can boost their retirement and savings through the MySSS Pension Booster program, which offers a projected 7.2 percent annual return rate.

SSS President and Chief Executive Officer Rolando Ledesma Macasaet said that SSS renamed the Worker’s Investment and Savings Program (WISP) and WISP Plus into the MySSS Pension Booster to reflect the primary goal of the savings program of boosting their retirement funds.

Macasaet said that the MySSS Pension Booster savings schemes were part of 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.

“We want to thank Secretary Recto for helping pass this landmark legislation in 2019. We also want to acknowledge him for conceptualizing these retirement savings schemes, which we rebranded today as MySSS Pension Booster. So, we are grateful that he pushed for the inclusion of the program in the law, which is boosting the retirement funds of millions of members,” Macasaet said.

Aside from being the Finance Secretary, Recto also serves as the Chairperson of the Social Security Commission, the highest governing body of the SSS.

Macasaet emphasized the importance of early retirement planning during the relaunching event of the MySSS Pension Booster held today at the SSS headquarters in Quezon City, which was attended by maritime professionals, Overseas Filipino Workers (OFWs), self-employed professionals, and corporate executives.

“Aside from renaming the program, we also want to reposition the MySSS Pension Booster to cater more to corporate managers and executives, doctors, lawyers, OFWs, Filipino expats, seafarers, young professionals among others, as we have identified their need for bigger retirement funds. We do not lose sight of the other SSS members through other programs, but our rebranding is a move towards capturing those who want to invest more and can invest more to enroll in the MySSS Pension Booster,” Macasaet said.

Macasaet told them that by making retirement their top priority early on, they can ensure they have ample time to reach their retirement goals, adding, “Now is the best time to start building your retirement fund with the help of SSS.”

Macasaet urged members to take control of their retirement planning by utilizing the MySSS Pension Booster program, which supplements members’ savings to enhance the retirement benefit they can get under the Regular SSS Program.

“The MySSS Pension Booster is not just an ordinary retirement savings plan. It’s a safe, convenient, and tax-free investment opportunity that allows you to earn income from your contributions. By participating, you can attain your savings goal, ensuring a comfortable retirement,” Macasaet said.

Two schemes in one program

SSS Vice President for Benefits Administration Division Joy A. Villacorta said that the MySSS Pension Booster consists of mandatory and voluntary schemes.

Villacorta said that the mandatory scheme automatically enrolls SSS members contributing to the Regular SSS Program. It gives an opportunity to save more beyond the threshold.

“Rest assured, your contributions and earnings to the MySSS Pension Booster are in safe hands. As a member of this program, you will have your account managed by the SSS, where we will place your contributions and interest earnings. Your MySSS Pension Booster contributions for the mandatory scheme are paid together with your regular SSS contributions,” Villacorta explained.

Villacorta said that the voluntary scheme, on the other hand, requires interested SSS members to enroll in the savings plan through their My.SSS account. Those applying for the issuance of a Social Security (SS) Number may also enroll in the program already by accepting the terms and conditions.

“For as low as P500 per payment in the voluntary scheme of MySSS Pension Booster, members can add to their savings which grows over time. It’s a flexible scheme as members may contribute any amount, with the maximum based on limits set by our collection partners,” Villacorta said.

Villacorta said that for urgent cash needs, they can withdraw their total contributions including its investment earnings because SSS allows partial or full withdrawal of their savings in the program.  “However, we encourage you to stay in the program for at least five years to maximize the potential earnings on your savings,” Villacorta emphasized.

She added that for those who want to use their savings in the program to augment their retirement funds, they have the option to get their total contributions plus interest when they get their retirement, total disability or death benefits from the Regular SSS Program, which is also tax-free.

Kahalagahan ng pagiging miyembro ng SSS

@Buti na lang may SSS | June 9, 2024

Dear SSS,

Magandang araw! Ako ay isang construction worker dito sa Taguig City. Nais kong itanong kung bakit kinakailangan akong magpa-miyembro sa Social Security System (SSS)? Bakit ba ito mahalaga sa isang manggagawa na katulad ko? Salamat — Raul

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Mabuting araw sa iyo, Raul!

Napapanahon ang iyong katanungan sapagkat isa sa pinakamagandang maireregalo mo sa iyong sarili ay ang pagkakaroon ng social security coverage, lalo na sa mga manggagawang katulad mo, Raul, na nagtatrabaho sa pribadong sektor. 

Para sa iyong kaalaman, ang SSS ay naitatag noong Setyembre 1, 1957 sa bisa ng Republic Act No. 1161 o ang Social Security Act of 1954. Layon ng batas na mabigyang proteksyon ang mga manggagawa sa pribadong sektor, maging mga propesyunal at nasa informal sektor. Bilang tugon, ang SSS ang itinalaga ng gobyerno upang pangasiwaan ang iba’t ibang social security programs para sa mga miyembro nito.

Samantala, ang paghuhulog sa SSS ay isang paraan ng pag-iipon para sa iyong pagreretiro, maging ang paghahanda sa oras ng pangangailangan o contingencies. 

Bilang isang miyembro, maaari kang makakuha ng benepisyo para sa pagkakasakit (sickness), panganganak (maternity), pagkabalda (disability), pagkawala ng trabaho (unemployment), pagreretiro (retirement), pagpapalibing (funeral) at pagkamatay (death).

Kailangan lamang na makatugon ka sa mga kuwalipikasyon ng bawat benepisyo. Gayundin, maaari kang makahiram sa mga programang pautang nito tulad ng salary loan, calamity loan, educational assistance loan, at pension loan para naman sa retirement pensioners. 

Sinusundan ng SSS ang defined benefit system kung saan nagbibigay ng mga benepisyo tulad ng sickness at maternity allowance at pensyon na kinukuwenta gamit ang bilang ng naihulog na kontribusyon at monthly salary credit o ang salary level kung saan ibinabase ang halaga ng buwanang kontribusyon ng miyembro.

Dahil dito, ang bawat manggagawa na nagiging miyembro ng SSS ay siguradong makatatanggap ng kaukulang benepisyo mula sa SSS basta’t may sapat na kontribusyon.

May kasabihan na “once a member, always a member” dahil panghabambuhay ang pagiging miyembro sa SSS. Kahit pa mahabang panahon na siyang hindi nakapaghulog ay hindi mawawalang bisa ang kanyang mga naihulog na kontribusyon sa SSS. 

Kaya, malaki ang maitutulong ng SSS sa mga taon ng iyong pagtatrabaho, Raul. Sa panahon ng iyong pagreretiro ay mapapakinabangan mo na ang naimpok mo sa SSS bilang pensyon na tatanggapin mo habang ikaw ay nabubuhay.

Ang SSS ay patuloy na mananatiling kaagapay ng bawat manggagawang Pilipino sa makabagong panahon at sinisiguro na makapagbigay ng tamang benepisyo sa mga miyembro at sa nararapat na benepisyaryo nito.  

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Patuloy na tumatanggap ng aplikasyon ang SSS para sa loan penalty condonation program nito.  Inilunsad ang Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty Program (Conso Loan) para tulungan ang mga miyembro na mayroong past-due loans sa SSS. Sa ilalim ng programa, hindi na sisingilin ang kaukulang penalties o multa ng kanilang past-due loans. Sa halip, ang tangi na lamang nilang babayaran ay ang orihinal o principal amount at interes nito.

Maaaring bayaran ang prinsipal at interes sa pamamagitan ng one-time full payment, o kaya’y bayaran kahit 10% nito bilang down payment at ang natitirang balanse ay babayaran nang hulugan sa loob ng hanggang 60 buwan o limang taon, depende sa halaga ng kanilang pagkakautang.

Sakop ng Conso Loan ang salary loan, calamity loan, Salary Loan Early Renewal Program (SLERP), emergency loan, at restructured loans gaya ng Loan Restructuring Program (LRP) noong mga nakaraang taon.

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Upang makapagrehistro sa My.SSS, maaari kang magtungo sa SSS website (www.sss.gov.ph) at magparehistro sa Member portal. Kailangang punan mo ang lahat ng kinakailangang impormasyon. Tandaan na ang irerehistrong e-mail address ay kailangang aktibo at nagagamit pa dahil dito ipadadala ng SSS ang link para i-activate at magamit mo ang iyong My.SSS account. 

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Para sa tamang impormasyon at updates sa mga programa at benepisyo ng SSS, bisitahin at i-follow ang opisyal na Facebook page ng SSS sa “Philippine Social Security System - SSS” o sa X, ang dating Twitter, sa @PHLSSS. Maaari ring mag-subscribe sa YouTube channel sa “MYSSSPH”, at sumali sa SSS Viber Community, “MYSSSPH Updates”. Maaari kayong magpadala ng inyong concerns at katanungan sa usssaptayo@sss.gov.ph.

MDC subsidizes SSS contributions of its workers’ spouses

by Info @Brand Zone | June 6, 2024

The Social Security System (SSS) commended the Makati Development Corporation (MDC) for its commitment to the welfare of its workers’ families by subsidizing the SSS contributions of the spouses of its construction foremen and workers.  

SSS President and Chief Executive Officer Rolando Ledesma Macasaet (2nd from left), joined by Social Security Commissioner Diana Pardo-Aguilar (left), formally sealed the deal with MDC Employee Experience and Benefits Manager John Paulo B. Curay (3rd from left), which makes the real estate developer the newest partner in the Contribution Subsidy Provider Program (CSPP).

Other signatories to the agreement were SSS Executive Vice President for Branch Operations Sector Voltaire P. Agas, SSS Senior Vice President for National Capital Region Operations Group Maria Rita S. Aguja, MDC Vice President for Corporate Resources and Services Group Ferdie M. Mangali, and MDC Corporate Resources and Services Group Senior Division Head Jowel C. Alcasid.

Under the agreement, Macasaet said MDC will pay the SSS contributions of their workers’ spouses for six months, which is a crucial step in initiating their membership and getting social security protection from SSS. The program will start with an initial 10 MDC workers.

“While we have signed numerous agreements with contribution subsidy providers, our partnership with MDC is truly exceptional. MDC showed its concern to their employees’ families by extending social security coverage to the wives of foremen and construction workers,” Macasaet said.

Macasaet said other companies should imitate the example set by MDC, which extends social security protection to the spouses of their workers. “SSS contributions are the greatest gift that we can give to our fellow Filipinos because they will gain access to SSS benefits such as sickness, maternity, disability, retirement, funeral, and death,” he added.

Agas said that under CSPP, a Contribution Subsidy Provider (CSP) shall pay the contributions of self-employed workers, land-based overseas Filipino workers (OFWs), or voluntary members.

“A CSP could be a private or government individual or group willing to subsidize the SSS contributions of identified members. By participating in the CSPP, companies can demonstrate their commitment to social responsibility and employee welfare while contributing to the social security protection of Filipinos,” Agas explained.

Agas said that the SSS would partner with potential CSPs who are generous enough to shoulder the total amount of contributions of their chosen SSS members for a minimum period of six (6) consecutive months.

He said that individuals, groups, or companies interested in becoming CSPs can register as CSPP partners through the Coverage and Collection Partner (CCP) Portal on the SSS website (www.sss.gov.ph), providing a clear path for those who wish to contribute to this important cause.

“They shall execute an online Certification with Undertaking or a Memorandum of Agreement (MOA) and create an online account, wherein they provide the information of their intended contribution subsidy recipients and generate the Payment Reference Number (PRN) before paying the SSS contributions in any SSS branch office with tellering facility, SSS-accredited collection partner, or through online payment channels.

Aguja said that MDC is among the CSPs that SSS has sealed a partnership with since the program was launched in 2022.

“As of March 2024, we have partnered with ten CSPs in the National Capital Region benefiting 685 SSS members with a total contribution collection of P783,530,” Aguja said.

She said that aside from MDC, one of the newest CSPs was Marikina City 1st District Representative Marjorie Ann A. Teodoro who allocated P8.2 million to subsidize the one-year SSS contributions of more than 1,200 tricycle operators and drivers of the Sto.

Niño Unified Tricycle Operations and Drivers Association (TODA) in Marikina City.

Meanwhile, Aguja praised MDC for being very supportive in all the programs being launched by SSS. “Last year, we also sealed a partnership with MDC for setting up a localized SSS e-center within the premises of their headquarters in Taguig City,” she noted.

She added with the e-center, MDC’s 721 employees can now conduct their online SSS transactions such as filing of benefit claim and loan applications at the comfort of their corporate office.