SSS provident fund contributions nearing P80B
CONTRIBUTIONS generated by the Social Security System’s (SSS) Workers’ Investment and Savings Program (WISP) amounted to P79.51 billion at the end of December, the Department of Finance (DoF) said.
The contributions were sourced from 6.02 million members, the DoF added.
WISP is targeted at private-sector employees, self-employed individuals, overseas workers, and voluntary members who are actively contributing to the regular SSS program. They must also have a monthly salary credit exceeding P20,000.
“Established in January 2021 as part of Republic Act No. 11199, WISP is a mandatory provident fund scheme that serves as savings builder for private-sector workers and other individuals who are paying members of the SSS,” the DoF said.
“This safe, convenient, and tax-free individual retirement savings plan allows members to invest and earn returns from their contributions,” it added.
WISP members contribute alongside their regular SSS payments. They are also entitled to disability and death benefits and a retirement fund, apart from their benefits under the regular SSS program.
Contributions to WISP Plus, a voluntary retirement savings program launched in December 2022, hit P391.63 million from around 30,536 members.
WISP Plus is offered only to SSS members and serves as an “additional layer of support apart from regular retirement benefits.”
As of November, the WISP and WISP Plus investment portfolios were valued at P76.34 billion and P1.41 billion, respectively. Annualized returns on investment for WISP and WISP Plus were reported at 5.33% and 6.87%, respectively. — Luisa Maria Jacinta C. Jocson