SSS members' mandatory provident fund savings hit P35B

by Info @Brand Zone | April 3, 2023

Social Security System (SSS) President and Chief Executive Officer Rolando Ledesma Macasaet said today that the total member savings collection from the Workers’ Investment and Savings Program (WISP) reached P35.84 billion from 4.9 million SSS members in its second year of implementation.

Macasaet said savings collection under the WISP has more than doubled since the start of the program in 2021.

“From January to December 2021, we initially collected P15.48 billion. In 2022, the savings collection grew by 31% to P20.4 billion which brought the total WISP contributions to P35.84 billion,” Macasaet explained.

Moreover, members contributing to the WISP also grew to 4.9 million contributing members, up by 33% from 3.7 million members in 2021.

WISP is a mandatory provident fund scheme managed by SSS that serves as another savings for private-sector workers and other individual paying members which was launched in January 2021. It promotes the principle of Work, Save, Invest and Prosper so that members can have a better retirement package aside from their regular SSS benefit.

WISP is one of the key provisions under Republic Act No. 11199 or the Social Security Act of 2018. It is a safe, convenient, principal-protected, and tax-free individual retirement savings plan which will supplement a member’s savings from their regular Social Security program.

“Under the WISP, each contributing member will have an account wherein SSS will place their contributions and investment earnings. Not only are they saving for their retirement, but their contributions are also earning through the program,” Macasaet added.

Qualified are those private-sector employees, self-employed individuals, OFWs, and voluntary members who have no final claim and have contributions in the regular SSS program, and have a Monthly Salary Credit (MSC) that exceeds P20,000.

Members pay their WISP contributions together with their regular SSS contributions.

Aside from serving as a savings scheme, the SSS Chief elaborated that the program also functions as an investment vehicle for SSS members. The SSS pools the contributions collected from the program and invests them in the capital markets. Earnings realized from the WISP will be distributed proportionately based on the member’s contributions.

Members can check their WISP contribution online through their My.SSS account. They can log in on their online account. Go to the Inquiry tab and click on Contributions to view their contributions in the WISP as well as their contributions in the regular Social Security program and WISP Plus.

“The program had a good start with a 6.39% return on investment (ROI) in 2021 and an estimated 3.4% ROI in 2022. It outperformed the balance fund market benchmarks, which were 0.15% and -1.25% in 2021 and 2022, respectively. This indicates that members’ savings invested in WISP will generate decent earnings, which will be added to their total contributions. Consequently, when they retire, they will receive higher benefits from the program,” Macasaet concluded.

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Social Security System

Maaaring bisitahin ang official website ng SSS sa https://www.sss.gov.ph o tumawag sa mga numerong 1455 ( SSS Hotline ) at 1-800-10-2255777 ( Toll-Free No. )

SSS Email: member_relations@sss.gov.ph

Guidelines sa filing ng SSS funeral benefit claim

@Buti na lang may SSS | April 2, 2023

Dear SSS,

Magandang araw! Kamakailan ay namatay ang aking tito na isang miyembro ng SSS. Nais ko lang alamin ang proseso ng pagpa-file ng Funeral Benefit para matulungan ang aking tita na asawa ng tito ko. – Elaine

SAGOT:

Mabuting araw sa iyo, Elaine!

Una sa lahat, taos-puso naming ipinaaabot ang aming pakikiramay sa pagkawala ng tito mo. Hinggil naman sa iyong katanungan, hayaan mong talakayin natin sa ating pitak na ito ang Funeral Benefit Program ng SSS.

Ang Funeral Benefit ay isang cash o financial assistance na ibinibigay ng SSS sa sinumang nagbayad ng pagpapalibing ng isang miyembro. Simula Agosto 1, 2015, ito ay nagkakahalaga ng P20,000 hanggang P40,000, depende sa bilang ng contributions at average monthly salary credit (AMSC) ng yumaong miyembro.

Para mag-qualify sa nasabing benepisyo ang yumaong miyembro, dapat nakapaghulog ng hindi bababa sa isang contribution o reported ng kanyang employer for coverage sa SSS.

Mayroong dalawang paraan ng pagpa-file ng Funeral Benefit claim. Ang una ay para sa mga claimants na SSS member din. Ito ay sa pamamagitan ng online. Ang ikalawa ay para sa mga claimant na hindi SSS member. Maaari naman itong gawin over-the-counter sa alinmang SSS branch.

Base sa mga nabanggit ko, mahalaga na malaman mo, Elaine, kung ang tita mo ba ang benepisyaryo ng tito mo at kung ano’ng paraan ng pagpa-file ang dapat niyang gawin.

---

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” o sa Twitter account sa @PHLSSS. Maaari ding mag-subscribe sa YouTube channel sa "MYSSSPH" at sumali sa SSS Viber Community, “MYSSSPH Updates." Maaari din ninyong bisitahin ang uSSSap Tayo Portal sa https://crms.sss.gov.ph/.

Kung mayroon kayong katanungan tungkol sa SSS o kaya ay mayroon kayong paksa na nais talakayin sa pitak na ito, maaari kayong magpadala ng e-mail sa mediaaffairs@sss.gov.ph.

SSS-BI agreement ensures social security coverage to job order and contract of service workers

by Info @Brand Zone | March 29, 2023

The Social Security System (SSS) and Bureau of Immigration (BI) signed a Memorandum of Agreement (MOA) on March 9, 2023 at the BI main office in Intramuros, Manila that will provide social security coverage to job order and contract of service workers in the government.

Photo shows SSS President and Chief Executive Officer Rolando Ledesma Macasaet (right) and BI Commissioner Norman G. Tansingco (left) during the ceremonial signing that will benefit at least 800 job order and contract of service workers serving in the immigration regulatory body.

Under the MOA, BI’s job order and contract of service workers will get SSS coverage under the KaSSSama sa Coverage Program. Under the program, these BI workers will be classified as self-employed members of SSS.

The agreement also states that BI will act as a Coverage and Collection Partner of SSS. As such, SSS authorized BI to collect and remit the monthly contributions of these workers through a salary-deduction scheme.

“The SSS aims to secure the future of all job order and contract of service workers in government agencies nationwide. Although these employees work in government offices, they are considered private self-employed members and are not covered by the Government Service Insurance System,” Macasaet said.

He explained that as self-employed SSS members, they will be entitled to receive social security benefits such as sickness, maternity, disability, retirement, funeral and death benefits. They will also get additional coverage from the Employees' Compensation Program (ECP) for work-related contingencies. Moreover, they may apply for various member loans offered by SSS such as salary and calamity loans.

Commissioner Tansingco thanked SSS for bringing social security benefits to their job order and contract of service workers which they can rely on during times of contingencies.

Meanwhile, Macasaet visited the KaSSSama sa Coverage Program servicing counter set up for the occasion in the BI head office in Intramuros, Manila. SSS personnel from SSS Manila Branch manned the online and onsite servicing counter to assist BI workers in creating online account with SSS through the My.SSS facility, registration with SSS as self-employed members, generating Payment Reference Number for contribution payment, verification of member's records, and answering inquiries on various SSS benefits and loan programs.

As of December 2022, SSS has partnered with 1,531 local government units (LGUs), 499 national government agencies, 111 state universities and colleges (SUCs), and 68 local water districts covering job order and contract of service workers through the KaSSSama sa Coverage Program with a total collection exceeding P5.5 billion.