The Social Security System (SSS) on Monday said the member saving collection from its Workers’ Investment and Savings Program (WISP) grew 31 percent to P20.4 billion in 2022 compared to P15.48 billion the previous year.
Last year’s total brought the total WISP contributions to P35.84 billion on its second year of implementation, SSS President and Chief Executive Officer Rolando Ledesma Macasaet said in a statement.
The total is collected from 4.9 million SSS members, the SSS said.
Members contributing to the WISP also grew to 4.9 million in 2022, up 33 percent from the 3.7 million members in 2021, the agency said.
Launched in 2021, WISP is a provident fund scheme managed by SSS that serves as another savings for private-sector workers and other individual paying members. It aims to augment members’ retirement package on top of their regular SSS benefits.
“Under the WISP, each contributing member will have an account wherein SSS will place their contributions and investment earnings. Not only are they saving for their retirement, but their contributions are also earning through the program,” Macasaet added.
WISP also functions as an investment vehicle for SSS members.
