One of the things that we are preparing while we are still in the peak of our lives is our future, particularly our retirement and when we finally go back to our home country for good.
There are a lot of investment that we can participate into and it is best to go with the proven ones like the SSS pension fund.
The government agency launched way back September 2014 the SSS Personal Equity and Savings Option fund or the SSS PESO fund.
What is the SSS P.E.S.O. Fund?
The SSS P.E.S.O. Fund (Personal Equity and Savings Option) is a voluntary provident fund offered exclusively to SSS members in addition to the regular SSS program. Through this program, members who have the capacity to contribute more are given the opportunity to save more in order to receive additional benefits in the future
Why is the SSS P.E.S.O. Fund a good investment?
The program provides an option for SSS members to save their excess earnings and build a secure future through:
- Tax-free earnings and benefits;
- Contributions placed in sovereign guaranteed investments; and
- Guaranteed earnings.
Who can join in the SSS P.E.S.O. Fund?
The program is open to all employees, selfemployed (SE), voluntary (VM) and OFW members who have met the following qualifications:
- Below 55 years of age;
- Have paid contributions in the regular SSS program for at least six (6) consecutive months within the 12-month period immediately prior to the month of enrollment;
- SE, VM and OFW members should be paying the maximum amount of contributions under the regular SSS program;
- Have not filed any final claim under the regular SSS program
How can an SSS member join the SSS P.E.S.O. Fund?
Interested and qualified SSS members can enroll in the program over-the-counter at any SSS branch. Enrollment via My.SSS will be announced later.
When does membership in the SSS P.E.S.O. Fund start?
Membership begins with the payment of the first contribution to the P.E.S.O. Fund.
When can a member contribute to the SSS P.E.S.O. Fund?
Contributions to the P.E.S.O. Fund may be made anytime, whenever the member has excess funds. SE, VM and OFW members, must have regular SSS contributions based on the maximum Monthly Salary Credit (MSC) on the month of payment before they can contribute to the P.E.S.O. Fund.
Each member shall be allowed a maximum contribution of P100,000 per annum and a minimum of P1,000 per contribution.
How is the SSS P.E.S.O. Fund allocated?
The contributions and earnings of a member shall be allocated to three (3) types of accounts:
Are withdrawals from the SSS P.E.S.O. Fund allowed?
No withdrawals are allowed from the retirement/total disability account. Withdrawals from the fund shall be allowed only from the Medical (25%) and General Purpose (10%) Accounts. Withdrawals within the 5-year retention period shall be charged with corresponding penalty and service fees.
When can a member receive benefits from the SSS P.E.S.O. Fund?
- The member will receive benefits upon filing a retirement, total disability or death claim under the regular SSS program.
- Retirement or total disability benefits, which consist of the member’s contributions and earnings from the SSS P.E.S.O. Fund, may opt to receive this in monthly pension, lump sum or a combination of both.
- Death benefits shall be paid in lump sum to the member’s beneficiaries.
For further information and clarification, you can contact the SSS representative Romell V. Regino at 91921723 and email address – firstname.lastname@example.org if you are always on Facebook, you can contact via their official page Social Security System – Oman
Location of SSS Oman
Embassy of the Philippines
Bldg. No. 1041/1043, Way No. 3015, Al Kharijiya St., Shatt Al Qurum, Muscat, Oma