The Social Security System (SSS) offers various programs and benefits to its members, including the SSS WISP Plus Program. This program is designed to provide a source of additional income and savings for SSS members.

What is the SSS WISP Plus Program?

The SSS WISP Plus Program is a voluntary savings program that offers higher returns compared to the regular SSS program. It is open to all SSS registrants and SSS members with no final benefit claim, regardless of the amount of declared monthly earnings and last posted monthly salary.

If you’re familiar with Pag-IBIG MP2, this is somewhat the SSS equivalent of it.

How to Enroll?

SSS registrants can enroll in the WISP Plus Program through the online application for an SS Number via the SSS website. Once issued with an SS Number, they are automatically enrolled in the WISP Plus Program.

Eligible SSS members can enroll in the WISP Plus Program through the My.SSS portal by accepting the Terms and Conditions of the program.

For detailed steps on how to enroll, you may refer to our other article: How to enroll or invest in SSS WISP Plus

Contributions

The minimum contribution for the SSS WISP Plus Program is ₱500 per payment. The contribution payment of the WISP Plus enrollee/member is subject to the guidelines for each SSS payment channel in terms of maximum amount per payment, manner of payment (e.g., manager’s check), daily limits, and others, in compliance with applicable laws and regulations.

The WISP Plus enrollee/member can pay contributions anytime, subject to the following rules at the time of generation of the Payment Reference Number (PRN) through the My.SSS portal under the SSS Real-Time Processing of Contribution (RTPC):

• For employed members, they must have at least one (1) posted regular SSS contribution applicable in the last three (3) months.
• For self-employed (SE), voluntary member (VM), or land-based overseas Filipino worker (OFW) members, they must have a posted regular SSS contribution for the current applicable month of payment. Otherwise, they must pay or include payment for both the regular SSS contribution and the WISP Plus contribution for the current applicable month.

Withdrawal

The SSS WISP Plus member can withdraw their total accumulated account value anytime under the following conditions:

• They have been a WISP Plus member for at least one (1) year.
• Partial withdrawal is allowed, provided that:
  • The amount is based on the total accumulated account value posted prior to the month of partial withdrawal.
  • Partial withdrawal is only allowed once a month.
  • The remaining balance in the accumulated account value after partial withdrawal is not lower than ₱500.
• Partial or full withdrawal within the first year of WISP Plus membership is only allowed for extreme hardship conditions such as critical illness, involuntary separation from employment, repatriation of OFW members from the host country, and other analogous conditions as may be determined by the SSS.

The WISP Plus member shall receive adjusted earnings based on the following proportions:

• 1 to <2 years of membership will receive 60% percent of earnings.
• 2 to <3 years of membership will receive 70% percent of earnings.
• 3 to <4 years of membership will receive 80% percent of earnings.
• 4 to <5 years of membership will receive 90% percent of earnings.
• 5 or more years of membership will receive 100% percent of earnings.

Can I join again if I withdraw my earnings?

Yes, you can! After the full withdrawal of the total accumulated account value, the SSS member must re-enroll to become a WISP Plus member again. They will be subject anew to the guidelines of the WISP Plus Program.

Benefits of the SSS WISP Plus program

The basis for WISP Plus benefits is the total accumulated account value of the WISP Plus member at the time of the approval of the final benefit claim. WISP Plus benefits shall be automatically processed when the WISP Plus member, or his/her beneficiary, files for the final benefit claim. The benefits shall be paid in a lump-sum amount at the same time as the initial final benefit claim.

Conclusion

The SSS WISP Plus Program is a great opportunity for SSS members to secure additional income and savings for their future. The program offers higher returns compared to the regular SSS program, and the withdrawal and benefits processes are straightforward and convenient. With the flexibility of contributions, any SSS member can enroll in the program and start saving for their future today.