Provident Fund Contributions refer to an additional retirement savings program under the SSS, officially known as the Workers’ Investment and Savings Program (WISP) or the Mandatory Provident Fund (MPF). This program allows qualified members to build a supplementary retirement fund through regular contributions, which are professionally managed and invested to generate earnings over time.
When did it start?
MPF was officially implemented and became effective in January 2021 as mandated by the Social Security Act of 2018 (Republic Act No. 11199).
Who is required to contribute to the MPF?
MPF contributions are mandatory for SSS members whose monthly salary credit (MSC) is above ₱20,000.00, and who have active regular SSS contributions without any final claims.
How are contributions collected?
Contributions are automatically deducted together with the regular SSS contributions from the employee’s salary and remitted by the employer.
This is labeled as SSS Mandatory Provident Fund in your payslip.
How much is contributed?
MPF contribution is 2% of the member’s monthly salary credit exceeding ₱20,000.
What are its benefits?
- The contributions are invested by SSS to generate returns.
- Members receive accumulated savings plus earnings upon retirement, total disability, or death.
- It serves as a supplementary fund in addition to regular SSS benefits.
Can members opt out of MPF contributions?
No, contributions are mandatory for qualified members.
You can learn more about this by going to this link.