Get the latest updates and facts on SSS 7.2% Plan to Boost Pension Saving: What is it? How to get Benefits? The SSS is considered as a social safety net. It provides financial support to retirees, disabled persons, and survivors. Recently, SSS renamed the WASP and WASP Plus to MySSS Pension Booster, under which the government decided an increment of 7.2% in the SSS contribution rate. It will be briefly described in this post.
SSS 7.2% Boost Pension Saving Plan
The SSS decided to substitute the WASP (Worker’s Investment and Saving Program) and WASP Plus program with the MySSS Pension Booster program. The new program has been unveiled by the SSS that intends to boost pensions and is projected to yield a 7.2% annual return, which was 5.33% for WASP and 6.87% for WASP Plus. It is a non-taxable program, which is considered as a convenient opportunity for all the beneficiaries.
To strengthen retirement savings, certain contribution rates of employees and employers are involved in te pension booster program. Interested members might initiate their contribution from P500 per payment and their money will enhance over time. The pension booster is a plan for retirement savings, and it is easy and safe for almost all Filipinos to invest without taxes. It initiated for the individual’s comfortable retirement.
How to get SSS 7.2% Boost Pension Saving Plan?
To get the SSS booster plan, beneficiaries should contribute a certain amount from their monthly income. For 2024, the contribution rate for employers is 4.5%, and for employees is 9%, which is collectively 14%. It was 13% in 2023, which increased by 1% and probably increase to 15% by 2025. As per the estimation, an individual’s five-year savings can result in an increment of the annual interest rate by 7.2%.
Individuals can claim the benefit online or by visiting the nearby local office of the SSS. Here step-by-step process is briefly described:
- Registration – Applicants should register themselves on the SSS web portal through the SSS number.
- Application Submission – Individuals should fill out the required details asked in the application and submit it after review and re-verification to avoid any error during the payment disbursement. Along with this, enclose the supporting documents for validation of the authenticity.
- Required Documents – The required documents should enclosed with the application. It includes residential proof, identity proof, birth certificate, age proof, and certain others.
Beneficiaries will receive the pension once the application gets approval. For any query regarding the application or any other issue, individuals should directly contact the authorized representatives of the SASSA.
SSS 7.2% Boost Pension Saving Plan Eligibility
To avail of the potential pension benefits, beneficiaries should qualify for certain eligibility norms that the government sets to ensure that the benefits will be directed toward the authentic recipients. A few of such norms are mentioned below:
- To get the pension booster benefits, the minimum age of the claimants should be either 60 years or above.
- Claimants should possess verified citizenship and are permanent residents of the Philippines.
- Recipients should have at least 120 contributions during their employment period.
- Disabled beneficiaries should have certified healthcare reports verified by renowned healthcare professionals.
- The surviving family member of the SSS deceased individual might claim the benefits.
To get to know more about the entitlement norms, individuals should refer to the official websites and browse it regularly so as not to miss out on any updates.
SSS 7.2% Boost Pension Saving Plan Payment Dates
The SSS pension booster program is a financial aid for various retired elder people that assists them in dealing with the rising cost of living and inflation. The benefit is a monthly payment that is provided as per the set payment schedule. Here is the breakdown of monthly payments:
| Payment Month | Payment Date |
| November 2024 | 30th November 2024 |
| November 2024 | 30th November 2024 |
| October 2024 | 31st October 2024 |
| November 2024 | 28th November 2024 |
| December 2024 | 31st December 2024 |
The payment schedule is adjusted, if any holiday clashes. However, it is just an expected schedule for confirmation, refer to the government’s official website.
All We Know
As per the recent updates, the government has decided the increment in retirement fund by P223,981.99. The booster program is only provided to those employees who were dedicated and hardworking during their employment. The people who have double employment are illegal, and they can be terminated. However, if there is any valid reason for this, then it should be updated to the SSS, otherwise, it can lead to termination, penalty, or any other legal actions.
To get to know more about the pension booster, regularly refer to the government’s website and continuously browse this web page to get upgraded facts about the pension booster benefits.
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