Details about the SSS WISP Plus Withdraw of Savings
SSS WISP PLUS WITHDRAW – Here is a guide on how much is allowed for withdrawal from your WISP Plus savings.
Are you one of the millions of members of the Social Security System? More popularly called SSS, most of its members are individuals who are locally-employed in the private sector since it is required in most private companies in the country.
The retirees and the self-employed individuals also take big chunks of the member populace of the Social Security System. It is one of the giants when it comes to state-run social insurance institutions.
The SSS members regularly submit a monthly contribution to maintain an updated account to the state-run social insurance agency. It can qualify a member to the SSS loans offered by the state-run social insurance agency.
The loan offers of the Social Security System provide members financial solutions in times of sickness, calamity, and home improvement purposes. Aside from the loans, the state-run social insurance institution also has benefit offers for the members.
The SSS benefits 2023 provide members with financial assistance in instances of sickness, disability, pregnancy, etc. It also includes benefit offers for the family of the member when he/she dies.
Aside from the loans and benefits offered by the state-run social insurance agency, it also offers the SSS WISP Plus. It is a savings program designed for members who want to make additional preparations for their retirement years.
If you enroll and save under the SSS WISP Plus, there will be added benefits apart from the monthly pension or the lump sum that you will be entitled to under the SSS Retirement Benefits.
The minimum savings contribution under the SSS WISP Plus 2023 is very affordable and there is an easy process on how to enroll to SSS WISP Plus online which is open for all members regardless of the account type.
It is possible to withdraw your SSS WISP Plus savings? Yes. You can make a total withdrawal of your savings if you have saved for at least a year under the program. Partial withdrawls are also allowed provided that you don’t go past one (1) withdrawal in a month. Also, the balance should not be lower than P500.00.
The Social Security System allows members to withdraw their SSS WISP Plus savings as well during times of extremely hard situations. The grounds considered by the state-run social insurance institutions include the following:
- involuntary separation from employment
- critical illness
- repatriation from the host country