With the effects of inflation on the Philippine economy, it's not easy to find a savings and investment plan that's affordable, safe, flexible, and tax-free.
Fortunately, the Social Security System (SSS) offers the Worker’s Investment and Savings Program (WISP) and WISP Plus as options. And just recently, the SSS announced the rebranding of WISP and WISP Plus into MySSS Pension Booster.
Learn more about the MySSS Pension Booster program and how it impacts your WISP SSS contributions in this helpful guide.
What is WISP for in SSS Contributions?
But first, what is WISP? Is WISP mandatory?
The meaning of WISP in SSS is Worker’s Investment and Savings Program. The SSS implemented WISP in January 2021 as part of the SS Law amendment in 2018. It's a compulsory provident fund program for SSS members whose contributions to the regular program under the Monthly Salary Credit (MSC) exceed ₱20,000 up to the prescribed maximum MSC.
It’s a safe and convenient way to contribute to your retirement fund or savings plan. Moreover, your principal is protected, and it’s tax-free. This means that aside from the regular SSS pension you’ll receive upon retirement, your WISP contributions will provide an additional source of retirement benefits.
In December 2023, WISP accumulated ₱79.5 billion, while WISP Plus got around ₱391.63 million in contributions from 30,536 members. The WISP annualized return was 5.33%, while WISP Plus was at 6.87%.[1] This year, the SSS targets to reach a 7.2% interest rate.
What is MySSS Pension Booster?
In June 2024, the SSS rebranded WISP and WISP Plus to MySSS Pension Booster. It repositions WISP to cater to corporate managers and executives, lawyers, doctors, Filipino expats, OFWs, seafarers, and young professionals who want to invest more and boost their savings and retirement funds.[2]
MySSS Pension Booster is composed of two retirement savings schemes for members: mandatory and voluntary.
👉 Mandatory MySSS Pension Booster
The Mandatory MySSS Pension Booster is the new name of WISP. It caters mainly to employed members who contribute to the regular SSS program at an MSC that exceeds ₱20,000.
Any contributed amount exceeding the MSC of ₱20,000 is automatically contributed to the member’s Mandatory MySSS Pension Booster account. Monthly contributions are divided between the employee and the employer. However, self-employed, voluntary, and OFW members must shoulder WISP contributions on their own.
👉 Voluntary MySSS Pension Booster
The Voluntary MySSS Pension Booster, the new name of WISP Plus, is open to all SSS members, including those applying for their Social Security Numbers—regardless of their MSC.
It’s a voluntary retirement savings program for SSS members in addition to the regular SSS program. It allows members to save and invest in an affordable, tax-free savings scheme while enjoying additional social security protection.
It also earns more than regular savings and time deposits. You can receive additional benefits when you retire.
Read more: Got Enough for Retirement? SSS Pension Computation Made Easy
How Much is the Minimum Investment in the Voluntary MySSS Pension Booster?
The minimum contribution is ₱500 per payment.
Who Can Enroll in the Voluntary MySSS Pension Booster?
The Voluntary MySSS Pension Booster caters to mid- to high-income earners with the financial capacity to invest more and receive higher savings returns and retirement income, like self-employed individuals, corporate executives, OFWs, and maritime professionals, just to name a few.
To qualify for the Voluntary MySSS Pension Booster, there should be one posted contribution and no filed final benefit claim.
MySSS Pension Booster (WISP) Benefits
On top of the benefits under the regular SSS program, MySSS Pension Booster/SSS WISP benefits include retirement pensions and total disability and death benefits. Here are other perks you can enjoy with this program:
✔️ Affordable, Safe, and Convenient
It’s an easy and secure way to boost your retirement savings. Your MySSS Pension Booster/WISP SSS contributions earn competitive interest that compounds until your retirement. Your principal is protected and your contributions are guaranteed preserved.
✔️ Higher Returns and Additional Benefits Upon Retirement
Boost your savings and retirement fund faster with both MySSS Pension Booster/WISP and your regular SSS contributions.
The sooner you start contributing to SSS and MySSS Pension Booster, the more significant your retirement benefits will be.
✔️ Benefits in Lump Sum or Pension
You will receive the total accumulated value (principal and investment income) tax-free. It will be paid out on top of your final benefit as a pension, lump sum, or a combination of both.
From the fifth year onwards, you have the option to make a partial or full withdrawal from your MySSS Pension Booster savings.
If you’ve been enrolled in MySSS Pension Booster for two to four years, you can also make a partial or full withdrawal, but your income will be reduced depending on the years of membership.
Read more:10 SSS Benefits for Employees You Should Know About
MySSS Pension Booster (WISP) Downsides
Your total accumulated account value (AV) will be the basis of your additional benefits, which will be given at the same time as your retirement or total disability or death benefits. Thus, your MySSS Pension Booster/WISP earnings will be based on your contributions. If you made only a small contribution, the benefits will equal the contributions.
How to Apply for Mandatory MySSS Pension Booster (WISP)
If you’re employed in the private sector, self-employed, an OFW, or a voluntary member with a monthly salary higher than ₱20,000 and no final claim made in the regular SSS program, you’re automatically enrolled in and contributing to WISP/Mandatory MySSS Pension Booster.
How to Apply for Voluntary MySSS Pension Booster (WISP Plus)
If you want to enroll in the Voluntary MySSS Pension Booster (WISP Plus), you can do so online. Enrollment is only done once, and your membership to the program will not expire.
- Log in to your My.SSS account.
- Under Services, click Enroll to WISP Plus. (The site will soon update this to Voluntary MySSS Pension Booster.)
- Click View Terms and Conditions.
- Read the WISP Plus Program’s terms and conditions and click I Accept.
Read more: How to Check SSS Contributions Online in 3 Easy Ways
How to Make a Voluntary MySSS Pension Booster (WISP Plus) Withdrawal
You can withdraw your total accumulated AV anytime if you’ve been a member for at least a year. Partial withdrawals are also allowed, provided it’s done only once a month, and the remaining balance after the withdrawal is not lower than ₱500.
Partial or complete withdrawal of your Voluntary MySSS Pension Booster (WISP Plus) savings before the first year is over is allowed only for extreme hardship conditions, such as the following:
- Critical illness of the Voluntary MySSS Pension Booster/WISP Plus member
- Involuntary separation from employment
- Repatriation from the host country (for OFWs)
- Other conditions determined by the SSS
You'll receive adjusted earnings based on the following proportions:
After you withdraw all of your accumulated AV, you must enroll again to become a Voluntary MySSS Pension Booster (WISP Plus) member, subject to the program's guidelines.
Mandatory vs Voluntary MySSS Pension Booster: What’s The Difference?
To summarize, here’s how the two MySSS Pension Booster schemes differ:
Related reading: SSS Unemployment Benefit: How to Avail of This Cash Benefit for SSS Members
Final Thoughts
While you’re earning, take advantage of this affordable and convenient way to save and invest. Stay with the program for at least five years to maximize your earnings.
With today’s cost of living, your SSS retirement pension will simply not be enough to pay for everything you need to retire comfortably. So why not make additional savings in the next few years with your MySSS Pension Booster/WISP SSS contribution?
Sources:
- [1] SSS workers' investment, savings program hits P79 billion in 2023 (Manila Bulletin, 2024)
- [2] SSS unveils saving schemes with 7.2% returns to boost members’ retirement fund (SSS, 2024)
Back to Blog 
