The Philippines’ pension fund Social Security System (SSS) has launched a new programme which will allow members to add more to their pension savings on top of their monthly contributions.
The programme, called Pension Booster, is mainly targeted at professionals and middle class workers, SSS says in a statement on October 9.
Under the scheme, members need to top up at least 500 pesos (US$8.75) into their savings account. There’s no maximum limit on how much one can top up.
Members earning more than P20,000 are automatically enrolled to the Pension Booster scheme, which allows members to earn more than the contribution ceiling.
Currently, SSS contributions of 14% of monthly salary are shared equally by the employee and employer with a salary cap of 30,000 pesos. This means, if an employee makes 50,000 pesos a month, the SSS contributions will remain at 4,200 pesos (14% of 30,000 pesos).
