Manila, Philippines – The Social Security System (SSS) has launched its new scheme which is said to help strengthen the financial security of Filipinos according to Department of Finance (DOF) Secretary and SSS Chairperson Ralph Recto.
Recto said the MySSS Pension Booster, launched on June 10, will provide a path to financial freedom for every Filipino worker.
On the other hand, MySSS Pension Booster is a retirement savings program that consists of both mandatory and voluntary schemes such as the Workers’ Investment and Savings Program (WISP) and WISP Plus, respectively.
Meanwhile the Booster serves as an additional benefit to the monthly pension from the retirement benefit under the regular SSS program.
All SSS members who do not have a final benefit claim such as Total Disability, Retirement, and Death benefit under the Regular SSS Program, and whose monthly salary credit (MSC) is more than PHP20,000 are automatically enrolled in the mandatory savings scheme of the MySSS Pension Booster.