Last year I learned about this SSS Peso Fund over the news, and honestly I am really wanted to know how this SSS Peso Fund works. P.E.S.O. - stands for Personal Equity and Savings Option: so what's with it? After I paid up my car loan in 2014, I decided start saving for my retirement (better to start early). Being employed in the private sector, SSS pension is so small as compared to what government employees get from GSIS. Based from my experience: my mom was a retired grade school teacher and my dad retired employee/college professor. My mother was able to get more than a million from GSIS and her monthly pension is about P13,000.00 as compared to my father he got at about P200,000.00 from SSS and P5,000.00 monthly pension.
SSS Peso fund is a voluntary membership fund offered exclusively to SSS qualified members. What's great about this is that it's tax free! Instead of putting your money in the bank, interests earned are subject to withholding tax. Aside from being tax-free SSS will only invest your money to government securities so earnings are guaranteed instead of investing it on other mutual funds : profits are not guaranteed since investment comes with risks in which you can actually lose your invested money.
Some of my friends are offering me to invest on mutual funds and etc., I am really interested but since I know how risky it is I'd rather choose something that is guaranteed.
Here are the requirements: Please note you should be updated with your premium contribution at maximum amount which is P1,760.00
- Age must be below 55;
- Paid SSS contributions for at least 6 consecutive months prior to your enrollment to the peso fund;
- OFW, VM, SE members should be paying the maximum amount of contributions;
- Have not filed any claim under SSS program.
How to apply:
You need to apply personally at any SSS branch. I applied last August 3, I went to SSS Marikina and it took 20 minutes only, but the waiting time before the opening of the SSS office took awhile. I was there as early as 6:30am and office hours start at 8:00am. I already brought a duly accomplished SSS Peso Fund Application form.
You may contribute minimum of P1,000.00 to P100,000.00 per year.
For more information you can visit SSS website: https://www.sss.gov.ph/
Let's start saving for our future. Happy Investing!♥