SSS PESO FUND REQUIREMENTS – You can check here the eligibility criteria set by the Social Security System under its savings facillity.
Are you one of the millions of people who are members of the Social Security System? You might like to grow some of your money even more by safekeeping it under the PESO savings facility of the state-run social insurance institution.
SSS PESO Fund Requirements for Members in Saving To Grow Money
Guide on SSS PESO Fund Requirements for Application
SSS PESO FUND REQUIREMENTS – Here are the eligibility criteria set by the Social Security System in joing the P.E.S.O. Fund.
In the Philippines, countless Filipinos enjoy the benefits of maintaining active accounts to the Social Security System. More popularly called SSS, the stat-run social insurance giant has millions of members composed of individuals within and outside the country.
The Social Security System has a lot of offers for its membes who have updated accounts. It has the SSS benefits that were designed as financial solutions to the members in times of maternity, unemployment, disability, sickness, etc.
Aside from the benefit offers, the state-run social insurance giant also has the SSS loans that attend to short-term needs, calamities, and house repair and home improvement projects.
Aside from the loans and benefit offers, the Social Security System also has an investment program — the Personal Equity and Savings Option or the P.E.S.O. Fund. It was designed to help the members who want to invest and grow their money more.
The SSS PESO Fund is another preparation for the future. To qualify for the investment offer, here are the SSS PESO Fund requirements:
- below 55 years old at the time of joining the SSS P.E.S.O Fund
- have paid monthly contributions in the regular SSS program for at least six (6) months within the 12-month period immediately prior to the month of enrollment
- self-employed, voluntary, and OFW members must be paying the maximum amount of contributions under the regular SSS program
- have not file any claim under the regular SSS program
Under the PESO Fund, the savings of the members are allocated among the three (3) account types such as Retirement/Disability Account, Medical Account, and General Purpose Account. Here are the allocations:
- Retirement/Disability Account — 65% with guaranteed earnings based on 5-year T-Bond rates
- Medical Account — 25% with guaranteed earnings based on 364 T-Bill rates
- General Purpose Account — 10% with guaranteed earnings based on 364 T-Bill rates
With regards to withdrawals, SSS members are not allowed to make withdrawals from their retirement/total disability accounts. It is only allowed from the Medical and General Purpose accounts.
Withdrawals that will be done within the 5-year retention period may be charged with a penalty and service fees. Meanwhile, being a good investment, the earnings under the PESO Fund are tax-free and guaranteed by the state-run social insurance institution.
The application can be done over-the-counter or online. The contributions can be done anytime with the excess funds.