Starting April 15, 2016, Social Security System (SSS) members who wish to save more for their retirement through the SSS Personal Equity Savings Option (Peso), a provident-fund scheme that aims to increase savings among members, may now enroll in the program through the Web.
At their own time and convenience, members may register via the My.SSS web site and click the “e-services tab.” A confirmation will be sent to their e-mail once the registration is successful.
Enrollees may start paying their contributions once enrolled online. But they are required to go to any SSS branch to confirm their enrollment. Nonconfirmation will not allow the member to withdraw his or her equity or apply for any benefit.
It can be recalled that the SSS Peso Fund was first launched in September 2014 as an alternative and tax-free investment that would help members accumulate adequate income in retirement and earn a reasonable rate of return.
The SSS Peso savings can be used to supplement the benefits available under the regular SSS program. It offers guaranteed earnings based on rates higher than those offered by regular financial institutions. It is open to all members below the age of 55, with six consecutive SSS contributions within the last 12 months prior to enrollment, and who have not yet filed final claims with the SSS. Qualified members can participate with a minimum contribution of P1,000 up to a maximum of P100,000 per year.
One’s membership will start upon receipt of the first contribution. Succeeding SSS Peso Fund contributions can be made anytime, as long as there is a corresponding regular SSS contribution for the month.
Self-employed, voluntary and overseas Filipino workers members are qualified to join the program, provided they are contributing based on the maximum salary credit under the regular social-security program.
Savings in the SSS Peso Fund are invested in sovereign-guaranteed investments, where 65 percent of the total fund is allocated for retirement, and 35 percent is for medical and general purposes. The portion for retirement is guaranteed to earn income based on interest rates of five-year Treasury yields, while earnings of the fund allotted for medical and general purposes will be based on 364-day Treasury bill rates.
Aside from guaranteed earnings, SSS Peso Fund members may also get excess earnings, which will be credited automatically to their accounts, depending on the actual year-end performance of the SSS Peso Fund. Savings in the SSS Peso Fund can be withdrawn upon the member’s effective date of retirement or total disability with the SSS, either in monthly pensions over a minimum period of 12 months and P1,000 payment per month, in lump sum, or combination of both.
For more details on the SSS Peso Fund online registration, call the SSS hot line at 924-6446 to 55 or e-mail member_relations@sss.gov.ph.
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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.