SSS Encourages Members to Boost Savings with New Program

The Social Security System (SSS) President, Rolando Ledesma Macasaet, is urging members to join the MySSS Pension Booster program, which promises higher returns on their savings.

Program Benefits

The MySSS Pension Booster offers an annual return rate of 7.2%. It includes both mandatory and voluntary schemes:

• Mandatory Scheme: Members contributing above P20,000 to the Regular SSS Program are automatically enrolled.
• Voluntary Scheme: Open to all members, especially those wanting to invest more. New applicants for a Social Security number are also invited.

Getting Started

To start with the voluntary scheme, members need just P500. They can contribute any amount, anytime, with no limit. This program allows partial or full withdrawals of savings, including contributions and investment earnings.

Encouragement to Save Early

Macasaet advises starting early: “Planning and saving for retirement should begin from the first day you start earning money.” He emphasizes that younger members have more time to grow their savings through compound interest. Starting early means saving smaller amounts regularly, avoiding the pressure of larger savings later in life.

Long-Term Benefits

Macasaet highlights the advantage of staying in the program for at least five years to maximize earnings. The longer the money stays, the bigger the returns.

Rebranding and Accessibility

The SSS recently rebranded its savings programs to MySSS Pension Booster, targeting professionals, OFWs, and young savers. This is part of the reforms under the Social Security Act of 2018.

For more information, visit bit.ly/FAQPensionBooster. (ASC)