MANILA — The Social Security System (SSS) has opened a voluntary provident fund program that offers its members an additional way of saving for their retirement.
The SSS Personal Equity and Saving Option (SSS PESO) fund, a new retirement savings scheme, is an alternative and tax-free investment that would help members accumulate adequate income in retirement and earn a reasonable rate of return.
“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 at brick-and-mortar banks,” said SSS President and Chief Executive Officer Emilio S. de Quiros, Jr.
The SSS PESO fund is open to all members below the age of 55, with six consecutive SSS contributions within the last 12 months prior to enrollment, and have not yet filed final claims with the SSS.
Qualified members can participate for a minimum contribution of P1,000 up to a maximum of P100,000 per year.
“One’s membership will start upon receipt of first contribution. Succeeding SSS PESO Fund contributions can be made anytime as long as there is a corresponding SSS contribution on the month of contribution,” De Quiros added.
De Quiros added that self-employed, voluntary and OFW members are qualified for the program, provided they pay the maximum SSS contribution.
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.
SSS PESO accounts will be charged a 1 percent administration fee annually.
“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,” De Quiros said.
Aside from the guaranteed earnings, De Quiros said 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Savings in SSS PESO fund can be withdrawn upon the member’s effective date of retirement or total disability with the SSS either in monthly pensions over a minimum period of 12 months and P1,000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. –ABS-CBNnews.com
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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