List of SSS WISP Plus Requirements 2023 for Enrollment
SSS WISP PLUS REQUIREMENTS 2023 – Here is a guide on who can enroll to this voluntary retirement savings program of the Social Security System.
In the Philippines, one of the state-run social insurance giants is the SSS or the Social Security System. It has millions of Filipino members across the nation as well as members who are working abroad.
The SSS has opened its membership for the overseas Filipino workers (OFWs) under certain provisions. The biggest part of its member populace are the retirees and the members who are locally-employed in the private sector.
Its membership is also open for self-employed individuals as well as those who want to make a voluntary membership to the state-run social insurance institution. To maintain an active and updated account to SSS, members submit a monthly contribution.
The Social Security System members who have active and updated accounts may qualify to the SSS loans and SSS benefits 2023 offered by the state-run social insurance giant. Aside from the loans and benefits, it has several other offers.
The SSS also offers the WISP Plus, a voluntary retirement savings program that is open for all members of the state-run social insurance institution regardless of their membership type. It is excellent for those who want to make another preparation for the future aside from targeting an SSS monthly pension.
Under the program, the investment of the members earns more than the savings in regular savings and time deposit accounts will. It is an additional benefit in your golden years.
The WISP Plus is into capital preservation thus it has set limitations with regards to its investments. The following caps are implemented by the state-run social insurance agency:
- a minimum of 15% up to 100% of investment in government securities
- 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 pensioners
- a maximum of 20% in corporate or multilateral institutions and equities
- up to 40% in money market and BSP-approved investment instruments
The SSS WISP Plus requirements 2023 for enrollment depends on the employment status of the member. Here are the eligibility criteria set by the state-run social insurance agency:
For Locally-Employed Members
- must have posted at least one (1) regular SSS contribution within the last three (3) months
- must have not claimed any final benefits from the SSS
For Self-Employed Members
- must have posted a regular SSS contribution for the current applicable payment month
- must have not claimed any final benefits from the SSS
For Overseas Filipino Workers (OFWs)
- must have posted a regular SSS contribution for the current applicable payment month
- must have not claimed any final benefits from the SSS
For Voluntary Members
- must have posted a regular SSS contribution for the current applicable payment month
- must have not claimed any final benefits from the SSS
The enrollment to the Social Security System’s WISP Plus offer can be done through the online platform of the state-run social insurance agency. You can go for an SSS online registration first.