Details about the SSS WISP Plus Contribution 2023 Investment Savings Minimum Amount
SSS WISP PLUS CONTRIBUTION 2023 – Here is a guide on the minimum amount per payment for the WISP Plus savings program of the Social Security System.
One of the best preparations that you can do for the future is to start saving now. To do this, countless Filipinos make sure they have active and updated accounts to the state-run social insurance institutions that grant retirement benefits.
In the Philippines, one of the giants when it comes to social insurance institutions is the SSS or the Social Security System. It has several branches across the nation and it has millions of members in the country. It also has several members in different countries abroad.
The SSS member populace is mostly composed of locally-employed individuals in the private sector and the retirees. The self-employed members also has a big chunk. Every month, they submit a monthly contribution to the state-run social insurance agency based on the rate set for them.
An SSS member who has an active and updated account may qualify to the SSS loans and SSS benefits 2023 which were crafted to help members in times of dire financial needs — sickness, unemployed, disability, etc.
Aside from the benefits and loans, the Social Security System also offers retirement programs just like the SSS WISP Plus. Under the said program, a retiree of the state-run social insurance institution may receive added benefits on top of the regular retirement benefit which is through a monthly pension or a lump sum.
You can enroll to this savings program of the Social Security System online. The minimum SSS WISP Plus contribution 2023 is P500 per payment.
The total SSS WISP Plus contribution payments made will be the factor in determining how much added benefits the member-retiree will receive. Under the program, the government entity vows higher investment earnings compared on rates of banks.
Capital preservation is a consideration in the pursuit of growing the invested money of the members under the SSS WISP Plus contribution. Here are the limitations set by the state-run social insurance agency:
- a maximum of 20% in corporate or multilateral institutions and equities
- a maximum investment of 25% in short and medium term loans to members of the WISP Plus
- up to 70% in loans to the Social Security System (SSS) pensioners
- a minimum of 15% up to 100% of investment in government securities
- up to 40% in money market and BSP-approved investment instruments
There are a few eligibility requirements for SSS WISP Plus 2023 enrollment. The enrollment can also be done online for more convenience.