MILLIONS of Filipinos commemorated the end of the Lenten season two weekends ago, which is arguably one of the most awaited of yearly holidays in this country, apart, of course, from the Christmas season. Families and individuals spent the recent four-day Holy Week break by going back to their hometowns, visiting churches, participating in religious activities, and reconnecting with friends and relatives. A time of reflection and repentance, the Lenten season served as an opportunity to look back at our past mistakes and meditate on their root causes, so that we can start anew and live out a better version of ourselves.
Many of us are guilty of tolerating personal habits that are detrimental to our own well-being and even to the welfare of others, including our loved ones. Among the possible areas for deep reflection and improvement is our personal list of priorities which greatly influences our habits, as well as our daily and long-term decision-making. A clear reflection of where our priorities lie is how and where we spend our hard-earned money.
For many workers at the early stages of their employment years, such as the current “millennial” generation, starting a retirement nest egg ranks low on their list of priorities, perhaps knowing that retiring is still several decades away, and that they can just worry about it later in life. Building up one’s retirement and emergency fund can also be shelved in favor of more tempting options to spend one’s earnings, such as splurging on trendy clothes, high-tech gadgets and leisurely travel. There are also workers at the middle or latter stages of their working life who forgo saving up for retirement and future emergencies due to family obligations, such as paying for household expenses, children’s tuition and monthly rent or mortgage.
Whatever the circumstances or age one is in, saving for the future should be a major priority, and this is where the Social Security System (SSS) comes in. Workers covered by the SSS benefit from a safe and secure means to financially prepare for their retirement, as well as other contingencies, such as sickness, maternity, disability and death. With the SSS, members can gradually add to their retirement or emergency funds, and earn generous returns for their contributions. At present, monthly SSS contributions range from P110 up to P1,760, which is based on 11 percent of reported earnings per month, with the coverable income capped at P16,000.
Payment of regular contributions may not be a worry among covered employees, since they have their respective employers to do it for them, as mandated by law. However, self-employed workers and voluntary members are advised to motivate themselves to jump-start—or resurrect—their habit of saving for their future through an active SSS membership by paying their monthly contributions regularly.
To make it easy for members, the SSS offers a diverse menu of payment options. Members can remit their contributions over-the-counter at SSS branches and through various SSS-accredited partners, including banks, Bayad Centers, SM Business Centers, authorized cooperatives and microfinance institutions, to name a few. Members can even make online payments, or use their “virtual wallets” for those enrolled in Globe GCash—the latest in the SSS’s expanding list of payment options.
For SSS members with higher incomes who have the capacity to save more, the SSS Personal Equity Savings Option (Peso) Fund allows them to remit additional funds for retirement and emergencies, on top of their regular SSS monthly contributions. The Peso Fund offers guaranteed and tax-free earnings, and can be tapped for contingencies and purposes, such as retirement, total disability, medical needs, education, housing, livelihood and unemployment. In a span of a few months since its nationwide launch in September 2015, the SSS Peso Fund already has attracted over 700 enrolled members who have saved up more than P10 million to date.
It’s never too early or too late to start saving for one’s retirement with the SSS!
For more details on SSS programs, members can drop by the nearest SSS branch, visit the SSS web site (www.sss.gov.ph), or contact the SSS Call Center at 920-6446 to 55, which accepts calls from 7 a.m. on Mondays all the way to 7 a.m. on Saturdays.
Susie G. Bugante is the vice president for public affairs and special events of the SSS. Send comments about this column to susiebugante.bmirror@gmail.com.