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April 12, 2024

Secure your golden years: SSS urges Filipinos in Singapore to invest in retirement savings

By Eileen Mencias

Social Security System president and CEO Rolando Ledesma Macasaet urged overseas Filipino workers (OFWs) in Singapore to participate in the SSS Voluntary Provident Fund Program, also known as the Worker’s Investment and Savings Program (WISP) Plus.

Macasaet made these remarks during the inaugural SSS Kapihan sa Singapore event on March 10, addressing 83 OFWs to inform them about the benefits of investing in WISP Plus to enhance their retirement savings and pension benefits.

He emphasized that WISP Plus is designed as a voluntary retirement savings program for SSS members, aiming to augment their retirement pension alongside the standard social security benefits. “Save your money with us through WISP Plus, and we’ll manage it for you. Upon reaching the age of 60, you can withdraw it along with its investment earnings,” he assured.

He further explained the accessibility and flexibility of the program, allowing SSS members to contribute as little as ₱500 at their convenience.

“Members can contribute as little as ₱500 per payment whenever they choose, for this additional layer of social security protection. The pooled contributions under WISP Plus will generate investment earnings, credited tax-free to their individual accounts,” Macasaet said.

Highlighting the program’s performance, Macasaet said WISP Plus offered an estimated 6.86 percent return on investment in 2023, surpassing the average 1-year Treasury bill rate of 6.01 percent.

“This indicates that members’ savings invested in the program will generate significant earnings, contributing to their total contributions and resulting in higher benefits upon retirement,” he said.

“If a WISP Plus contributor invested ₱10,000 at the beginning of the year, they would have earned ₱690 by now, a substantial amount compared to the minimal returns of a bank savings account,” Macasaet pointed out.

He said that members could monitor their voluntary retirement savings under WISP Plus online by accessing their My.SSS account.

According to Macasaet, in its first year of implementation in 2023, the Voluntary Provident Fund Program collected ₱386 million in member savings from over 30,000 SSS members.