00:00Are you a member of the Social Security System or SSS?
00:04And do you want your pension to be higher in the future?
00:08Well, the SSS Pension Booster Program is perfect for that.
00:12If you are curious about this, we will interview Atty. Edgar Cruz,
00:17the Vice President and Chief Actuary of the SSS.
00:20Good morning, Atty.
00:24Good morning to you and to our viewers.
00:27Atty. Cruz, good morning. This is Dianne Guerrero and Rod Laguzan.
00:31Atty. Cruz, what is the SSS Pension Booster and how is it different from other pension programs of the SSS?
00:41The SSS Pension Booster is a new program, a long-term savings program.
00:48That's right, we have a basic SSS pension.
00:52This is the mandatory required for all workers and earners in our country.
00:59This pension booster is an opportunity for you to add to the money that we will save in our retirement.
01:11Sadly, many of our countrymen do not have enough savings.
01:21When it comes to old age, there is a lack of hope for their families and workers.
01:31This is a good opportunity for our countrymen to be responsible in preparing for retirement.
01:40Atty., what are the benefits that can be obtained from this?
01:43If we say that this pension will boost, how much can we get?
01:49The average pension that SSS pensioners receive is only Php 5,000.
01:57We know that this is not enough.
02:01The SSS basic pension is not designed to be a one-of-a-kind for your retirement income.
02:09As advised by many financial advisors, we should have a lot of savings in our old age.
02:20Number one is the SSS pension.
02:23Number two, if your company has a pension.
02:27At this time, most companies have a pension program.
02:33Number three, the most important thing is the personal savings of our countrymen.
02:39That's why this pension booster is the third component of your retirement income, your personal savings.
02:51I'll give you an example.
02:52If a person is 30 years old, he will save Php 1,000 per month.
03:00By the time he retires at the age of 60.
03:07All right, Atty. Cruz.
03:14Go ahead, Atty. Cruz.
03:16Continue, sir.
03:18Yes.
03:19What I'm saying is, if you have additional savings, there is an additional pension.
03:24For an average person who is 30, 40 years old, Php 1,000 per month,
03:30you can expect an additional Php 8,000 to Php 9,000 amount of pension.
03:36So, having additional savings is also a big thing.
03:40Yes.
03:41In your pension booster program, Atty., what is the minimum and maximum contribution?
03:48The minimum contribution is only Php 500.
03:52The good thing about this is that you don't have to spend Php 500 a month every month.
03:58If you can't afford it, when will you have money?
04:01It's not like private insurance where if you stop paying, the policy will lapse.
04:08Your savings program will not be lost.
04:13When you can afford it, when you can afford it.
04:16Atty., in the SSS scheme, can their savings be withdrawn partially or in full when they retire?
04:30Your audio is disappearing, sir.
04:33Although, we are encouraging…
04:39Is it okay now?
04:40Yes, sir.
04:41Go ahead, sir.
04:43Okay.
04:44We have a flexible program.
04:47Even though we are encouraging you to save until you grow old,
04:51if you really need it, you can withdraw it.
04:55Although, in the first five years, there is a slight decrease in investment income.
05:01But it's possible. It's flexible.
05:03You can withdraw money anytime.
05:06Atty., who are eligible to apply for this booster program?
05:11Can even those who have not yet received an SSS contribution, sir?
05:18Yes.
05:19The eligible ones are the current SSS members.
05:22But it's easy to join.
05:25Even now, if you are not yet an SSS member, register.
05:29Once you register and pay your first SSS contribution,
05:33you can also pay your first SSS contribution to the SSS Pension Booster.
05:37It's limited to members, but it's easy to join.
05:43And in the future, we are also thinking,
05:46based on the feedback we have received,
05:48that even for the pensioners, we can still allow them to save.
05:53We have a lot of pensioners, but there are still jobs,
05:57even if they are 60 years old or older.
06:01Lastly, Atty., how is the process of application?
06:05And where can they apply?
06:07Is it via the SSS app? Is it online?
06:11Yes.
06:12On the SSS website, if you have already registered,
06:17if you already have an SSS online account,
06:20it's easy, there are instructions there.
06:23In various social media accounts of SSS,
06:26on Facebook, Twitter, Instagram, TikTok,
06:29we also have instructional videos.
06:32And lastly, you can also go to the nearest SSS branch
06:37and ask for help on how to register and start applying for the Pension Booster.
06:43Atty. Cruz, I have an additional question for you.
06:47Can it be done simultaneously with monthly contributions?
06:52Yes.
06:53Actually, this is what we are encouraging.
06:56Start with the basic SSS,
06:59because the benefits of the basic SSS pension are better.
07:03That's a social insurance scheme.
07:06And then, do it simultaneously.
07:08That's why it's convenient.
07:09If you are already contributing to the SSS basic program,
07:13do it simultaneously.
07:14This is a good program.
07:16Let's avail it because it's important to prepare for our future.
07:21The earlier, the better.
07:23Yes, because the longer it is, the more we will get.
07:26Correct.
07:27Thank you very much, Atty. Edgar Cruz,
07:29for answering our questions
07:31about the Booster Program for the Pension of our SSS members.
07:37Thank you, Atty. Cruz.
07:38Thank you, Atty.
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