SSS’ Workers’ Investment and Savings Program Collects P35.84B

In its second year of implementation, the Workers’ Investment and Savings Program (WISP) has collected total member savings amounting to P35.84 billion from 4.9 million SSS members, according to the President and CEO of the Social Security System (SSS), Rolando Ledesma Macasaet. He noted that the savings collection under WISP has more than doubled since the program’s launch in 2021, with a 31% increase in savings collection in 2022, amounting to P20.4 billion.

WISP is a mandatory provident fund scheme managed by SSS, serving as an additional savings option for private-sector workers and individual paying members. Its objective is to promote the principle of Work, Save, Invest, and Prosper, ensuring members receive better retirement packages aside from their regular SSS benefits. The program is one of the key provisions under the Social Security Act of 2018.

Qualified members of WISP are private-sector employees, self-employed individuals, OFWs, and voluntary members who have no final claim and have contributions to the regular SSS program, with a Monthly Salary Credit (MSC) exceeding P20,000. Members pay their WISP contributions along with their regular SSS contributions.

Macasaet emphasized that the program not only serves as a savings scheme but also functions as an investment vehicle for SSS members. The contributions collected from the program are invested in the capital markets, and earnings realized from WISP are distributed proportionately based on the member’s contributions.

WISP had a good start, with a 6.39% return on investment (ROI) in 2021 and an estimated 3.4% ROI in 2022, according to Macasaet. The program outperformed balance fund market benchmarks, which were 0.15% and -1.25% in 2021 and 2022, respectively. Members can check their WISP contributions and other SSS contributions online through their My.SSS account.