Republic of the Philippines

SOCIAL SECURITY SYSTEM

TERMS AND CONDITIONS FOR THE WISP PLUS PROGRAM

A. DEFINITION OF TERMS
The following terns, as used herein, shall mean as follows:
1. SSS MEMBER is a covered worker with at least one (1) contribution in the Regular SSS Program.
2. SSS REGISTRANT is an applicant for issuance of SS Number.
3. REGULAR SSS PROGRAM refers to the defined benefit-type SSS program existing before the
implementation of this defined contribution-type WISP Plus Program.
4. FINAL BENEFIT CLAIM is a claim by an SSS member for retirement, total disability or death benefit
in the Regular SSS Program.
5. WISP PLUS ENROLLEE is an SSS registrant/member who has enrolled in the WISP Plus Program
but has not yet made his/her first contribution in the WISP Plus Program.
6. WISP PLUS MEMBER is an SSS member who has enrolled in and with at least one (1) contribution in
the WISP Plus Program.
7. WISP PLUS BENEFICIARIES are the same beneficiaries as those defined under Section 8 (k),
Definition of Terms of RA 11199.
8. TOTAL ACCUMULATED ACCOUNT VALUE consists of the WISP Plus member’s total contributions
and investment income less management fee.
9. INVESTMENT INCOME refers to amounts earned from interest, dividends/fees and net increase in the
value of investments credited to the account of the WISP Plus member.

B. ELIGIBILITY
The WISP Plus Program is open to all SSS registrants and SSS members with no final benefit claim,
regardless of amount of declared monthly earnings and last posted monthly salary credit (MSC),
respectively, subject further to the applicable policies under the Regular SSS Program.

C. ENROLLMENT
1. Enrollment of SSS registrants shall be done through the online application for SS Number through the
SSS website. Once issued with an SS Number, they are automatically enrolled in the WISP Plus
Program.
2. Enrollment of eligible SSS members shall be done online through the My.SSS portal by accepting the
Terms and Conditions of the WISP Plus Program.

D. CONTRIBUTIONS
1. The minimum contribution is five hundred pesos (₱500.00) per payment.
2. The contribution payment of the WISP Plus enrollee/member shall be subject to the guidelines for each
SSS payment channel in terms of maximum amount per payment, manner of payment (e.g., manager's
check), daily limits and others, in compliance with applicable laws and regulations.
3. The WISP Plus enrollee/member may pay contributions anytime, subject to the following rules at the
time of generation of Payment Reference Number (PRN) through the My.SSS portal under the SSS
Real-Time Processing of Contribution (RTPC):
i. For employed member, he/she has at least one (1) posted regular SSS contribution applicable in
the last three (3) months
ii. For self-employed (SE), voluntary member (VM) or land-based overseas Filipino worker (OFW)
member, he/she has a posted regular SSS contribution for the current applicable month of
payment. Otherwise, he/she must pay or include payment for both the regular SSS contribution
and WISP Plus contribution for the current applicable month; and
iii. The PRN generated for WISP Plus contribution shall have the following validity:
Contribution Validity
i. WISP Plus contribution only Three (3) months
ii. WISP Plus contribution paid together Based on applicable policy on
with regular SSS contribution payment deadline
E. INVESTMENTS
1. Capital preservation is the priority for the WISP Plus.
2. The following principles shall be followed in investing:
a. The SSC shall have the authority to invest and make changes in any of the general provisions of
the WISP Plus, in line with Sec. 4 (1) and Sec. 26 (Investment Reserve Fund) of RA 11199;
b. The investment must be consistent with Sec. 26 (Investment Reserve Fund) of RA 11199; and
c. Consistent with prioritizing capital preservation, the initial investment mix will be guided by the
following limits:
i. At least 15% in government securities, which can be increased up to 100% of the investments;
ii. Up to 20% in corporate or multilateral institutions and equities;
iii. Up to 25% in short- and medium-term loans to WISP Plus members, such as salary,
educational, livelihood, calamity, and emergency loans; and
iv. Up to 40% in money market and other BSP-approved investment instruments with the same
intrinsic quality as those allowable in the Charter.
v. Up to 70% in loans to pensioners, provided the total exposure in other loans including loans to
pensioners shall not exceed 30% of the Investment Reserve Funds as prescribed in the
Charter; Provided further, that such loans shall be secured by collaterals.
3. Investment of the WISP Plus shall be managed in line with the SSS Investment Guidelines following
the principles of safety, high yield and liquidity, and benchmarked against the average rates of Treasury
Bills or any other acceptable market yield indicator.
4. Income realized from investments shall be distributed proportionately based on members’ total
accumulated account value.
5. WISP Plus contributions posted for the month shall earn their share of the investment income beginning
on the first day of the following month.
6. Investment income shall be determined at the end of the calendar year upon release of the WISP Plus
financial statement and credited to the WISP Plus member’s account not later than five (5) working
days thereafter.
7. For WISP Plus full withdrawals and benefit payments, investment income for the current year shall be
determined using indicative interest rates based on prior months’ return.
8. The computation of investment income and total accumulated account value shall be deemed final.

F. WITHDRAWAL
1. The WISP Plus member may withdraw his/her total accumulated account value, anytime under the
following conditions:
a. He/She has been a WISP Plus member for at least one (1) year;
b. Partial withdrawal shall be allowed, provided further that:
i. The amount shall be based on the total accumulated account value posted prior to the month
of partial withdrawal;
ii. Partial withdrawal shall only be once a month; and
iii. The remaining balance in the accumulated account value after partial withdrawal shall not be
lower than five hundred pesos (₱500.00);
c. Partial or full withdrawal within the first year of WISP Plus membership shall only be allowed for
extreme hardship conditions as follows:
i. Critical Illness of the member, limited to -
• Cancer;
• Organ failure;
• Heart-related illness;
• Stroke; and
• Neuromuscular-related illness.
ii. Involuntary separation from employment;
iii. Repatriation of OFW member from host country; and
iv. Other analogous conditions as may be determined by the SSS.
d. The WISP Plus member shall receive adjusted earnings based on the following proportions:
Years of Membership Percent of Earnings
in the WISP Plus to be Received
1 to <2 60%
2 to <3 70%
3 to <4 80%
4 to <5 90%
5 or more 100%
 2. After full withdrawal of his/her total accumulated account value, the SSS member must re-enroll to
become a WISP Plus member subject anew to the guidelines of the WISP Plus Program.

G. BENEFITS
1. The basis for WISP Plus benefits is the total accumulated account value of the WISP Plus member at
the time of the approval of the final benefit claim.
2. WISP Plus benefits shall be automatically processed when the WISP Plus member, or his/her
beneficiary, files for the final benefit claim.
3. WISP Plus benefits shall be paid in lump-sum amount at the same time as the initial final benefit claim.

H. MANAGEMENT AND ADMINISTRATION

1. The SSS shall exercise absolute control, direction and management of the WISP Plus Program.
2. The NVPF management fee shall be at 1% per annum of the accumulated fund to cover all the
expenses related to the operations of the Fund. The difference between the NVPF management fee
and the actual operational expenses, if any, shall be treated as income of the Regular SSS Program.
3. The WISP Plus management fee shall be reviewed every two (2) years, and any change in the rate
shall be subject to the approval of the SSC.
4. For the payment of WISP Plus benefits and withdrawals, the WISP Plus member must have an
approved disbursement account in the Disbursement Account Enrollment Module (DAEM) of the
My.SSS portal. The SSS shall disburse to the approved DAEM account through any of the following
methods, as applicable:
• Philippine EFT System and Operations Network (PESONet)
• Letter of Instruction to the SSS funding bank, with consent from member/payee regarding inward
bank charges; and
• Other available modes of disbursement as may be determined by SSS.
5. Policies, including the terms and conditions, governing the WISP Plus Program are subject to change
as may be determined by the SSS and without need for prior notice to the public.