The new Social Security System (SSS) Pension Booster will help secure the financial needs of Filipino workers, Department of Finance (DOF) Secretary Ralph Recto said this week.
Recto, who is also SSS Chairperson, said the new pension program will facilitate financial freedom for Filipino workers.
“This program aligns perfectly well with the national government’s ongoing efforts to ensure financial security for all Filipinos, which is the cornerstone of inclusive growth,” Recto said.
Launched on June 10, the MySSS Pension Booster is a retirement savings program that acts like an extra benefit for the monthly pension from the regular SSS program’s retirement benefit.
It has both mandatory and voluntary savings schemes.
The MySSS Pension Booster’s mandatory savings scheme automatically enrolls regular SSS Program members if they have a monthly salary credit (MSC) that exceeds PHP20,000 and don’t have a final benefit claim.
Meanwhile, the voluntary savings scheme welcomes all SSS members who have posted at least one contribution and haven’t filed any final claim.
Reasonable and tax-free, the voluntary MySSS Pension Booster charges a management fee of 1 percent per annum to the member’s total accumulated account value.
The MySSS Pension Booster’s voluntary savings scheme only requires a minimum monthly contribution of PHP500. By the end of 2024, it’s expected to have an interest rate of 7.2 percent.
In his statement on Wednesday April 19, 2024), Recto exhorted the SSS to look for other untapped markets that will further enhance the financial freedom of Filipino workers.
“Rest assured, the Department of Finance stands firmly behind the SSS in fulfilling its noble mission of lending a hand to Filipino workers while remaining a reliable partner of the government in national development,” Recto said.
