MANILA -- The Social Security System is encouraging the public to participate in MySSS Pension Booster, a retirement saving program meant to boost the financial security of Filipinos.

According to the SSS, the program supplements members’ savings to enhance the retirement benefit they can get under the Regular SSS Program. It is considered “a safe, convenient, and tax-free investment opportunity that allows the member to earn income from their contributions” and ensure their savings goal and comfortable retirement.

SSS Vice President for Benefits Administration Division Joy Villacorta said that while the regular SSS program is mandatory, the MySSS Pension booster is voluntary.

“But for SSS, for our private sector workers, ang covered na natin ay hanggang 30,000. So, for members na ang kanilang pinaghuhulog o ang kanilang suweldo is more than 20,000 pesos up to our current maximum of 30,000 – mandatory iyon. So, ang kagandahan ay automatically enrolled ka basta iyon ang pinaghuhulog mo. At para naman sa mga members ho na may employers, ang kagandahan, pati employer mo ay naghuhulog sa iyong mandatory pension booster,” she said in a televised briefing.

Members can contribute for as low as P500 in the voluntary scheme of MySSS Pension Booster, which they can add to their savings which grows over time.

“So, for voluntary, ang difference naman ay kung kaya pa, kung kaya pang dagdagan because we have of course workers in certain industries ‘no, mga professionals, especially our call center employees, mga nasa BPOs, mga professionals, maybe they can add more, so that’s why we’re introducing the voluntary.”

“Ang benefit talaga nito, iyong contributions mo na hinuhulog, ini-invest ng SSS, of course – at kikita iyan ng interest. At ang kagandahan, dahil ho malaki ang pondo ho nito sa SSS, iyong pa-P500, P500 mo, P1,000, kapag sinama mo parang nakabakas ka sa isang mas malaking pondo, you command the higher interest rate. So, iyan ang way na mas malaki ang kikitain ho ng pera ninyo than the usual market rates na inu-offer sa inyo ng mga similar products,” she continued

The SSS earlier said that “those who want to use their savings in the program to augment their retirement funds have the option to get their total contributions plus interest when they get their retirement, total disability or death benefits from the Regular SSS Program, which is also tax-free.”