What You Should Know About The SSS WISP?

Work, invest, save, and prosper! ​Check out the new SSS Provident Fund.

What is the SSS WISP?

The Workers' Investment and Savings Program or WISP ​is a provident fund scheme managed by SSS intended as another savings for members. It was implemented in January 2021 as part of the landmark provisions under Republic Act No. 11199 (the Social Security Act of 2018). The program aims to help members to raise their savings for higher retirement benefits in the future. 

More information about WISP

• Safe, convenient, and tax-free individual retirement savings plan.
• Faster individual fund build-up for employees because of added employer share.
• Professionally managed with skill, care, prudence, and diligence, and designed to prioritize principal preservation.

Who are covered under WISP?

All private sector employees, self-employed individuals, overseas Filipino workers, and voluntary members who have:

• No final claim in the Regular SSS Program.
• Contributions in the Regular SSS Program.
• A monthly salary credit that exceeds Php 20,000

Important reminders about WISP membership
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• Enrollment is automatic for member's whose monthly salary credit (MSC) exceeds Php 20,000 (starting on the applicable month January 2021)
• Membership in WISP starts on the date of the first posted contribution.
• Contributions in WISP shall be paid together with contributions under the Regular SSS program.

Image source: SSS

Image source: SSS

Image source: SSS

Image source: SSS

Image source: SSS

Important reminders about WISP earnings and contribution

• Earnings realized from investments shall be distributed proportionately based on member's contributions.
• Early withdrawal of contributions or its earnings is not allowed.
• For private sector workers, contribution is shared proportionately between the employee and the employer.

Benefit claims under WISP

• Members are entitled to retirement, total disability, and death benefits, in addition to those provided by the Regular SSS Program.
• All claims under WISP shall be paid together with the SSS regular benefit.
• Basis for benefits is the member's total accumulated account value (AV) at the time of the approval of claim.
• Annuity shall be given in the form of fixed amount of monthly pension, to be paid until the member's AV is fully settled, covering at least 15 years.
• In the event of pensioner's death, any remaining balance in the accumulated AV will be paid in lump sum to the eligible beneficiary.
• Beneficiaries are the same beneficiaries under the member's Regular SSS Program.

Investment of WISP (Funds and its projected returns)

• A significant portion of the investments will be in risk-free Government Securities (minimum 75%) and a modest portion will be invested in blue-chip corporations (10%-20%).
• Principal will always be protected.
• 4.5% projected returns and tax free.