The Social Security System (SSS) in the Philippines has launched a new plan to help members grow their pension savings. This plan, called the SSS 7.2% Pension Boost Saving Plan, is replacing the old Worker’s Investment and Saving Program (WASP) and WASP Plus. It offers a better annual return for participants.
Here’s a simple guide to this plan, including how to start and who can join.
What Is the SSS 7.2% Pension Boost Saving Plan?
The SSS 7.2% Pension Boost Saving Plan is a new way for SSS members to save for retirement. It offers a 7.2% annual return on your savings, which is higher than the old WASP (5.33%) and WASP Plus (6.87%) programs.
This plan is tax-free and aims to help more Filipinos save for their future. By contributing a portion of your income, your money will grow over time, giving you a better retirement fund when you stop working.
How to Benefit from the SSS 7.2% Pension Boost Saving Plan
To make the most of the SSS Pension Boost plan, follow these steps:
- Understand the Contribution Rates:
- For 2024, you need to contribute 14% of your monthly salary to SSS. This is split into 4.5% from your employer and 9% from you.
- This rate is up from 13% in 2023 and may increase to 15% by 2025.
- Committing to this plan for five years can give you an annual interest rate boost of 7.2%.
- Register for the Program:
- Online: Go to the SSS website and register using your SSS number.
- In-Person: Visit your nearest SSS office to sign up.
- Complete the Application:
- Fill Out the Form: Enter all necessary information carefully to avoid mistakes that might delay your payments.
- Attach Documents: Provide proof of residence, identification (like a birth certificate or ID card), and any other required documents.
- Submit Your Application:
- Submit your completed application either online or in person at an SSS office.
- Once approved, you will start receiving your pension according to the schedule.
Eligibility Criteria for SSS 7.2% Pension Boost Saving Plan
To qualify for the SSS Pension Boost plan, you need to meet these requirements:
- Age: You must be 60 years old or older.
- Citizenship: You need to be a verified citizen and permanent resident of the Philippines.
- Contributions: You should have made at least 120 contributions during your work.
- Disability: If you are disabled, you must provide medical reports from recognized doctors.
- Survivors: Family members of deceased SSS contributors may be eligible for benefits under specific conditions.
Payment Dates for SSS 7.2% Pension Boost Saving Plan
Eligible retirees receive monthly payments from the SSS Pension Boost plan. The payment schedule for 2024 is expected to follow a regular monthly pattern.
| Payment Month | Payment Date |
|---|---|
| August 2024 | 30th August 2024 |
| September 2024 | 30th September 2024 |
| October 2024 | 31st October 2024 |
| November 2024 | 28th November 2024 |
| December 2024 | 31st December 2024 |
Note: These dates might change if they fall on public holidays. Check the official SSS website for the most up-to-date information.
Additional Information
The SSS Pension Boost plan helps improve your retirement savings. The government expects this plan could increase your retirement fund by up to P223,981.99. However, you must follow strict rules to qualify.
For instance, having multiple jobs without telling SSS is against the rules and can lead to penalties or termination.
The SSS 7.2% Pension Boost Saving Plan is a great way for Filipinos to secure their future. By raising contribution rates and providing higher returns on savings, SSS aims to build a strong retirement fund for its members.
Make sure you meet the eligibility requirements, contribute regularly, and stay updated with any news from SSS to get the most out of your benefits.
What is the SSS 7.2% Pension Boost Saving Plan?
It is a new retirement savings program by SSS that offers a 7.2% annual return on contributions, replacing the previous WASP and WASP Plus programs.
How do I qualify for the SSS Pension Boost Plan?
You must be 60 years or older, have made at least 120 contributions, and be a verified citizen and permanent resident of the Philippines.
What are the contribution rates for 2024?
The contribution rate is 14% of your monthly income, with 4.5% paid by the employer and 9% by the employee.
When will I receive my SSS pension payments?
Payments are made monthly, with specific dates for each month as outlined by the SSS.
Can I apply for the SSS Pension Boost plan online?
Yes, you can apply online through the SSS website or visit your nearest SSS office.