PCEO Macasaet pushes SSS Voluntary Provident Fund to OFWs in Singapore

Social Security System (SSS) President and Chief Executive Officer Rolando Ledesma Macasaet (left) paid a courtesy visit to Philippine Ambassador to Singapore, His Excellency Medardo G. Macaraig (right) during his visit to Overseas Filipino Workers (OFWs) in Singapore.

Social Security System (SSS) President and Chief Executive Officer Rolando Ledesma Macasaet urged Overseas Filipino Workers (OFWs) in Singapore to avail of the SSS Voluntary Provident Fund Program, also known as the Worker’s Investment and Savings Program (WISP) Plus.

Macasaet told the 83 OFWs who attended the 1st SSS Kapihan sa Singapore on March 10, 2024 to put their hard-earned money in the WISP Plus to build on their retirement savings and augment their pensions.

Macasaet said that the voluntary retirement savings program was being offered to SSS members to increase their retirement pension on top of the benefits they will get under the regular social security program.

“Save your money with us through the WISP Plus and we will take care of it. When you reach the age of 60, you can get it back together with its investment earnings,” Macasaet said.

Macasaet explained that the program was an affordable and flexible savings scheme as SSS members could contribute as low as P500 whenever they want.

“Members can contribute for as low as P500 per payment whenever they want for this additional layer of social security protection,” he noted. “The members’ pooled contributions under WISP Plus will generate investment earnings, which will be credited to their individual accounts, tax-free.”

“The program is off to a good start with an estimated 6.86 percent return on investment (ROI) in 2023. It outperformed the average 1-year Treasury bill rate, which stood at 6.01 percent in 2023,” he added. “It is an indication that members’ savings invested in the program will generate decent earnings, which will be added to their total contributions resulting to higher benefits when they retire.”

Macasaet said that for example, if a WISP Plus contributor invested P10,000 at the start of the year, he would have already earned P690, which was a reasonable amount considering that if he put that in a bank savings account, he would only earn a little more than 1 percent or only P100.

He said that members can check the status of their voluntary retirement savings under WISP Plus online by logging in to their My.SSS account.

In 2023, Macasaet said the total member savings collection from the Voluntary Provident Fund Program reached P386 million from more than 30,000 SSS members in its first year of its implementation.

Voluntary Provident Fund Program, para sa dagdag na ipon ng mga SSS member

@Buti na lang may SSS | Marso 17, 2024

Dear SSS, 

Magandang araw! Ako ay isang SS member. Nabalitaan ko kamakailan na mayroong bagong programang inilunsad ang SSS na tinatawag na Voluntary Provident Fund para sa aming mga miyembro. Ano ba ang programang ito? Salamat. — Lito

Mabuting araw sa iyo, Lito! 

Napapanahon ang iyong katanungan sapagkat may iniaalok ang SSS na isang voluntary provident fund program bilang karagdagang paraan ng pag-iipon para sa retirement ng mga miyembro. Ito ay ang Voluntary Provident Fund Program o dating tinatawag na Workers’ Investment and Savings Program (WISP) Plus.

Ito ay isang programa para sa lahat ng miyembro, anuman ang kanilang monthly salary credit (MSC) o bracket na may hindi bababa sa isang kontribusyon at wala pang final claim sa ilalim ng kanilang regular SSS program.

Itinataguyod ng Voluntary Provident Fund ang prinsipyo ng Work, Save, Invest and Prosper na nakapaloob sa Republic Act 11199 o Social Security Act of 2018.

Ang Voluntary Provident Fund ay isang magandang oportunidad sa mga miyembro upang mapalago ang kanilang pera na magsisilbing karagdagang layer ng social security protection para sa kanilang retirement fund bukod pa sa kanilang regular SS program.

Layuning protektahan ang principal ng mga contributions dito. Ibig sabihin, hindi dapat bababa ang nominal value nito, bagkus ay tataas lamang ito depende sa performance ng SSS investments. Magandang paraan ito para maprotektahan ang pinaghirapang pera ng mga miyembro laban sa inflation.

Kikita ng compounded interest ang mga contribution dito dahil ang investment income na idini-distribute kada taon ay magiging bahagi na rin ng Total Accumulated Account Value (TAAV) ng miyembro na kikita rin ng kaukulang interes.

Paulino, kung nais mong magkaroon ng SSS Voluntary Provident Fund, maaari kang mag-log-in sa iyong My.SSS account sa www.sss.gov.ph, i-click ang “Enroll to Voluntary Provident Fund” na nasa ilalim ng Services tab, at basahin ang terms and conditions ng programa at i-accept ito.

Ang pinakamababang kontribusyon para sa Voluntary Provident Fund ay nagkakahalaga lamang ng P500 kada payment o bayad. Mababayaran ito sa pamamagitan ng Payment Reference Number (PRN) na kailangang i-generate mo gamit ang iyong My.SSS account.

***

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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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.

SSS covers over half a million more temporary government workers

by Info @Brand Zone | March 15, 2024

Over half a million government workers under job order (JO) and contract of service (COS) workers employment status not covered by the Government Service Insurance System (GSIS) can now enjoy social security protection thanks to the SSS membership expansion program started by SSS President and Chief Executive Officer (PCEO) Rolando Ledesma Macasaet.

Social Security System (SSS) Executive Vice President for Branch Operations Sector Voltaire P. Agas said the new SSS members would not only improve the financial standing of the state pension fund but also fulfill further its mandate to provide social security protection to as many Filipinos as possible.

Agas said Macasaet decided to include temporary government workers in SSS coverage through the KaSSSangga Collect Program as they were not covered by GSIS programs.

“We are sad to hear their stories that, after decades of public service, they have zero savings and do not receive any pension when they retire, Macasaet was quoted as saying. “Through the KaSSSangga Collect Program, temporary public workers will be registered as self-employed members while their respective organizations shall collect and remit their contributions to the SSS, thereby helping them to become eligible for Social Security and Employees’ Compensation benefits.’

Among the many government agencies that entered into a memorandum of agreement (MOU) with SSS under the KaSSSangga Collect Program were the Quezon City District 2 of the Department of Public Works and Highways (DPWH). This MOU will cover over 200 of their JO and COS workers, who are mostly street sweepers.

Agas said that the largest membership coverage was recorded in Quezon City with around 15,000 JOs after SSS PCEO Macasaet and Quezon City Mayor Joy Belmonte signed an agreement last January 29, 2024. Prior to the SSS-QC Government partnership, the pension fund has already sealed agreements with the Local Government of Mandaluyong, Taguig and Malabon in 2023.

“As they are exposed to various health hazards while performing their duties, the more these workers deserve social security protection regardless of their employment status in the government,” Agas added.

Agas said more government agencies employing JO workers are expected to join the KaSSSangga Collect Program. In January 2024 alone, Agas said SSS had sealed partnerships with 32 government institutions in the National Capital Region.

Likewise, an additional 74 program partners from Luzon, Visayas and Mindanao also joined the agreements which secured the SSS membership of 2,251 temporary government workers, he added.

Agas urged other public sector leaders and groups to extend social security protection to their constituents and colleagues by subsidizing their monthly SSS contributions.

“They can shoulder the contribution payments of their chosen recipients for at least six months through the Contribution Subsidy Provider Program. Let us join forces to invest in the future of our fellow workers in government through equitable social security protection,” Agas said.

Agas noted that SSS was able to collect over P7.08 billion worth of workers’ contributions from 2015 to 2023 under the program. Over 2,100 Local Government Units (LGUs) remitted P4.66 billion worth of contributions while almost 700 National Government Agencies (NGAs) and Government Owned and Controlled Corporations (GOCCs) paid P2.03 billion.

On the other hand, over 100 State Colleges and Universities (SUCs) remitted P289.91 million SSS contributions and 86 Local Water Districts (LWDs) paid P97.64 million.  “We commend the proactive stance of our partners in the government sector in providing adequate social safety nets to their JO and COS workers through active SSS membership,” Agas said.

He added that their significant role as coverage and collection partners helped SSS in generating higher revenues while also providing meaningful benefits to all members.

It was recently announced that in 2023, SSS achieved P83.13 billion net income that year, with a huge bulk coming from contribution collection of P309.12 billion.

Agas attributed the outstanding financial performance of SSS last year to the efforts of the SSS management and employees in intensifying its collection activities such as registering new paying members, improved collection from delinquent employers, and the 2023 contribution rate hike.