[embedyt] https://www.youtube.com/watch?v=zWcXRGNqxF4[/embedyt]
WHAT IS WISP?
- Provided under Republic Act No. 11199 or the Social Security Act of 2018
- Safe, convenient, and tax-free individual retirement savings plan
- WISP contributions shall always be paid together with regular contribution
- With employer share in contributions for covered employees
- Professionally managed by SSS with skill, care, prudence, and designed to prioritize principal preservation
WHO ARE COVERED UNDER WISP?
All SSS members who have:
- No final claim in the regular SS program (retirement, total disability or death)
- Contributions in the regular SSS program based on the MSC above P20,000.00 up to the prevailing maximum MSC, starting applicable month of January 2021
WHAT ARE THE FEATURES OF WISP BENEFITS?
- Members are entitled to Retirement, Death and Total Disability benefits IN ADDITION to those provided by the regular SSS Program
- Benefit shall be paid together with the regular SSS benefit
- Basis for benefits is the member’s total accumulated Account Value (AV) at the time of approval of claim
- Annuity shall be given in the form of fixed monthly pension, to be paid out until the member’s AV is fully settled, covering at least 15 years
- If receiving lump sum for regular SSS benefit, WISP benefit shall also be given in lump sum
- Upon pensioner’s death, any remaining balance in the AV will be paid in lump sum to the eligible beneficiary
- Beneficiaries are the same beneficiaries under the regular SSS program
HOW ARE WISP FUNDS INVESTED?
- A significant portion of the Funds will be invested in risk-free Government Securities
- A modest portion (10 to 20 percent) will be invested in blue-chip corporations
- Investment shall follow the principle of safety, high yield and liquidity
HOW DOES WISP WORK?
- Enrollment in WISP is automatic for members whose MSC is above P20,000.00
- Membership starts on the first posted WISP contribution
- Contributions posted for the month shall earn their share of the Fund’s investment income starting the first day of the following month
- Management Fee shall initially be at 1% per annum of the accumulated fund, to be deducted every month-end from members’ accounts
- Benefits shall be automatically processed upon filing of final claim under the regular SSS program.
NOTE: WISP contributions and individual retirement savings can be tracked in member’s My.SSS account.
Make sure your Employer pays the correct amount of contributions for your SSS and WISP-monitor your My.SSS account regularly.
Secure a better retirement for yourself and enjoy higher social security benefits!
