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WISP / SSS provident
WISP / SSS provident is the Workers’ Investment and Savings Program slice that applies on higher salary credits as part of the strengthened SSS design. It is provident savings, not a private 401(k) you designed.
Also called WISP
How it works
At higher MSCs a portion of the contribution is described in practitioner tables as going to WISP rather than only to the defined-benefit side. Exact splits move with SSS circulars. Do not promise a U.S.-style match. Do not skip the main SSS line because you added a company bonus plan. If you want extra retirement savings, put it in the employment contract as a company benefit and still remit SSS in full.
Example: an offer says ‘we contribute 5% to retirement’ and omits SSS. The 5% is a private promise. SSS is still due on MSC. Two lines, not one substitute.
How it differs
RA 7641 retirement pay is a separate labor-law cash rule for qualifying long-service employees. Pag-IBIG has its own savings and housing products.
Common errors
Labeling WISP optional. Trading statutory remittance for a U.S. brokerage account.
In practice
Treat WISP / SSS provident as a week-one operating object. Look at the next peso payslip and the next remittance file. If this word does not show up there, the quote from the sales call is incomplete. Write an owner - founder, local employer, or worker - and a date you will look at it again: first cutoff, first holiday, or first miss. If nobody can show a contract clause, a payslip line, a calendar block, or a checklist box, you do not have wisp / sss provident yet. You have a conversation. Convert the conversation before the person starts, while changing the deal still costs a paragraph rather than a resignation. Re-read the worked example above against the actual hire in front of you. If the numbers in that example cannot be swapped for this seat’s pesos, hours, and start date, the brief is still unfinished.