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Savings in SSS PESO fund can be withdrawn upon the member’s effective date of retirement or total disability with the SSS either in monthly pensions over a minimum period of 12 months and P1,000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
May –
Anti-Graft and Corruption Awareness Month
“Corruption drains the nation
and victimizes workers who build the nation.
Accountability now!”
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!
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May 1 – Labor Day
May 2 – World Freedom Day
May 12 – World Communication Day
May 15 – International Day of Families
May 16 – International Day of Living
Together in Peace
May 21 – World Day for Cultural Diversity
for Dialogue and Development
Monthly Observances:
The Month of the Ocean
Anti-Graft and Corruption Awareness Month
Volunteerism Month
Weekly Observances:
Week 2: Safe Motherhood Week
Daily Observances:
May 1: Labor Day
May 7: Health Worker’s Day
May 31: National Fisherfolks Day
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