WISP stands for Workers Investment and Savings Program, which is a retirement savings scheme managed by the Social Security System (SSS) in the Philippines. It is a tax-free and affordable savings program that allows SSS members to save and invest in a market-based fund. WISP has two types: WISP and WISP Plus. WISP is a compulsory provident fund for members with a monthly salary credit (MSC) greater than PHP 20,000, while WISP Plus is open to all SSS members, regardless of membership type or monthly earnings. Here are some key differences between WISP and WISP Plus:
-
Who can qualify: All SSS members can qualify for WISP Plus, while WISP is only for members with an MSC greater than PHP 20,000.
-
How to enroll: WISP members are automatically enrolled if they have an MSC of over PHP 20,000, while WISP Plus members can enroll via MySSS.
-
Contribution: The minimum contribution for WISP is PHP 500 per payment, while WISP Plus allows members to contribute a minimum of PHP 500 anytime.
-
Payment: WISP contributions are paid monthly with regular SSS contributions, while WISP Plus members can pay contributions anytime.
-
Withdrawal: WISP does not allow withdrawal, while WISP Plus allows partial or full withdrawal.
-
Benefit: WISP benefits can be claimed as a lump sum or an annuity, while WISP Plus benefits are given in the form of a fixed amount of monthly payments.
WISP collections hit P35.84B as of April 2023, and the number of contributing members grew to 4.9 million, up by 33% from 3.7 million members in 2021. The program also functions as an investment vehicle for SSS members, as the SSS pools the contributions collected from the program and invests them.
