By Claro A. Lanipa
PAGADIAN CITY – The Social Security System
(SSS) will soon be accepting applications for its Personal Equity and Savings
Option (PESO) Fund program, a provident-fund scheme that aims to increase
savings among SSS members, particularly for building their retirement fund.
SSS-Pagadian Branch head James Buckly said this program is
open to all members who are 54 years old and below, and have at least six
consecutive contributions under the SSS regular program within the last 12
months prior to enrolment.
The member’s effective date of membership commences at the
month a contribution is first made to the SSS-PESO fund, Buckly asserted.
“Members may participate for an initial contribution of
P1,000 with succeeding contributions of at least P1,000 or more in multiple of
P100. An SSS-PESO member can contribute
up to a maximum of P100,000 per year, Buckly said.
Interested members are required to personally appear
before any SSS branch office or authorized representative to sign the
accomplished forms for confirmation.
“This procedure allows us to verify the authenticity of
the document and the identity of the applicant,” Buckly explained.
By September 2015, all SSS branches nationwide will accept
applications to the SSS-PESO fund. Enrolment may be done online through the
My.SSS portal.
The program’s guidelines which were released recently,
stated that employed members, regardless of the amount of their current monthly
contributions, could join the SSS-PESO Fund while self-employed, voluntary and
OFW members should be paying the maximum SSS contribution to be able to
contribute in the SSS-PESO Fund.
The guidelines further stated that there has to be a
corresponding SSS contribution on the month the member will make contributions
to the SSS-PESO Fund account.
Refunds, withdrawals or benefit claim will be credited to
the member’s single savings or current accounts with a SSS depository bank.
Early termination of membership is not allowed, Buckly clarified.
SSS members can enjoy higher return on their savings under
the tax-free fund, which offers guaranteed earnings that are based on rates
higher than those offered in a savings account or bank deposit.
SSS-PESO savings are allocated to three accounts namely, retirement, medical and general puspose, which covers education, housing, livelihood and unemployment. Only the portion allotted for medical and general purpose can be withdrawn before the member’s date of retirement.
A corresponding management fee will be charged for each
SSS-PESO account while penalties will be charged for any withdrawals made
before the fifth year of membership in the SSS-PESO Fund.
SSS-PESO Fund members may also receive additional earnings depending on the actual income of the fund at the end of each year.