The SSS provident fund is known to give the highest rate of returns to its contributors. This has been made possible due to its excellent investment policies and the fact that its earnings are exempt from tax. The eligibility criteria to apply for this fund are also very simple.
You just need to be a regular contributor to the fund in order to avail all the benefits that this fund has to offer. Keep reading down below to find out more.
Eligibility Criteria
In order to secure this loan, you must be an active member of SSS. It means that you must be making contributions to the find regularly.
In addition to that, your age must be below fifty-five and you must have paid at least six monthly contributions consecutively in the 12-month period to your enrollment. Furthermore, you must also not have filed any final SSS claims from the funds including retirement and disability funds.
Application Process
The application process for the provident fund of SSS is the easiest of all the funds offered by SSS. You just have to ensure your eligibility and then apply for the provident fund via your My.SSS portal. Once the approval is granted, start making regular payments to secure benefits from this fund!
Contributions
The monthly contributions that you must pay have a minimum limit of ₱1,000 and a minimum limit of ₱100,000. It means that you would have to make monthly payments of an amount in between these set limits.
Benefits
1. Higher Returns
One Of the best things about the SSS provident fund is that it offers a much higher rate of interest as compared to other funds. It has an exceptional investment strategy that guarantees a higher return to the contributors.
2. Tax-Free Earnings
Another great thing about the SSS provident fund is that all its earnings are exempt from that. It means that whatever returns you earn through this fund will be entirely transferred into your account without any deductions.
3. Flexible Withdrawals
The best thing about this fund is that you can make partial withdrawals from this fund. Of course, there are a few restrictions relating to the amount, period, and purpose of the withdrawals.
So, it is safe to say that the provident fund of SSS is indeed one of the best savings funds in the Philippines. It offers a much higher rate of interest to its contributors and an option to make partial withdrawals. And the best part is that all the earnings from this fund are exempt from tax which means that you get to keep the entire amount of your earnings!