Did you know that there are exclusive benefits provided by the Social Security System (SSS) for OFWs? These benefits are designed to support OFWs and their families, providing financial security and assistance in times of need. Let’s take a closer look at the SSS benefits available exclusively for OFWs.
Attention, all overseas Filipino workers (OFWs)! Did you know that despite working abroad, you can still enjoy the same benefits as Philippine-based members of the Social Security System (SSS)? But wait, there’s more!
As an OFW, you’re also entitled to two exclusive SSS benefits and privileges that can help you secure your financial future: the Flexi Fund Program and the Overseas Filipino Workers SSS Coverage Program. These programs offer unique advantages and protection that cater specifically to the needs of OFWs.
Don’t miss out on these amazing opportunities, learn more about the SSS benefits exclusive to OFWs now!
1. SSS Flexi Fund Program
As an OFW, you may find it challenging to prioritize building your retirement fund over fulfilling family obligations and debt repayments. However, relying solely on the SSS pension is not enough to cover all living expenses during retirement. Therefore, it’s important to look for ways to supplement your SSS pensions and secure your financial future.
One of the best options for OFWs is the SSS Flexi Fund Program, a voluntary savings-investment plan designed to help OFWs save and earn additional income. Here’s how it works:
How does Flexi Fund work?
SSS invests members’ funds in low-risk, stable fixed-income securities that guarantee earnings for OFW-members. Interest rates are based on 91-day Treasury bill rates or SSS’ short-term peso placements, whichever is higher. Enrolled members can add a minimum of PHP 200 to their regular SSS contributions, and the amount is credited to their Flexi Fund account. SSS doesn’t require a maximum amount or maintaining balance for Flexi Fund contributions. Members can also opt to pay when they have sufficient funds for savings.
What benefits can OFWs gain from it?
Accumulated funds are tax-free benefits that can be used for retirement, disability, or death. OFWs can make an early withdrawal anytime for immediate financial needs. Annual incentive benefits are given to OFW-members with no withdrawals and benefit claims within the applicable year.
Who can enroll in the program?
The SSS Flexi Fund is exclusive to OFWs who meet the following requirements:
- SSS members paying the maximum contribution under the regular SSS program
- Working abroad for a foreign-based employer who recruited the OFW in the Philippines, earning in a foreign country, or living overseas permanently
How to register as a Flexi Fund member
To enroll, download and fill out the Flexi Fund enrollment form and visit the nearest local or foreign SSS branch. Submit your accomplished enrollment form and UMID card, SSS ID, or passport. If you’re applying in a Philippine SSS branch, you also need to present an original copy and submit a photocopy of your valid Overseas Employment Certificate (OEC) or e-receipt issued by POEA.
Overall, building your retirement fund as an OFW is crucial for securing your financial future. The SSS Flexi Fund Program provides an excellent opportunity to supplement your SSS pensions and earn additional income. Follow the steps outlined above and enroll in the program today to ensure a comfortable retirement.
2. Overseas Filipino Workers SSS Coverage Program
The Social Security System (SSS) offers a coverage program for overseas Filipino workers (OFWs) who are SSS members and aged 60 and below. The coverage starts after the first monthly SSS contribution.
What SSS benefits can OFWs get under this program?
OFW-members can avail of any SSS benefit and loan as long as they meet the qualifying conditions. To qualify for higher benefit amounts, SSS encourages OFWs to continue paying their contributions until age 60 or 65.
Here are the SSS benefits and loans available to OFW-members:
- Sickness benefit – OFWs who become sick or injured can receive a daily cash allowance.
- Maternity benefit – Female OFWs who have paid at least three monthly contributions in the 12-month period before the semester of their delivery can receive a cash allowance for their maternity needs.
- Retirement benefit – OFWs who have paid at least 120 monthly contributions to the SSS can receive a monthly pension upon reaching the age of 60 or 65.
- Disability benefit – OFWs who become permanently disabled can receive a monthly pension.
- Death benefit – If an OFW-member dies, his/her beneficiaries can receive a lump-sum amount.
- Funeral benefit – A cash benefit can be given to the beneficiaries of the deceased OFW-member to cover funeral expenses.
- Salary loan – OFWs can avail of a loan to cover short-term needs.
- Housing loan – OFWs can apply for a loan to purchase or build a house.
- House repair and improvement loan – OFWs can avail of a loan to renovate or improve their existing homes.
In summary, being an SSS member has many benefits for OFWs. It provides financial security and assistance in times of need. OFWs can avail of any SSS benefit and loan as long as they meet the qualifying conditions. Don’t miss out on these benefits, make sure to pay your monthly SSS contribution and secure your future today.
How much is the monthly SSS contribution for OFWs?
The Social Security System (SSS) computes the monthly contributions of overseas Filipino workers (OFWs) based on their monthly earnings in Philippine Peso, as indicated during their membership application. The amount of contribution may vary depending on their monthly earnings, and it’s important for OFWs to know how much they need to pay to ensure they get the full benefits.
To make it easier for OFWs to determine their contribution, the SSS has provided a schedule of contributions. The contribution rates are based on a percentage of the OFW’s monthly salary credit (MSC) which is the basis for computing their SSS benefits.
Here’s an example of how to compute an OFW’s monthly contribution:
If an OFW’s monthly salary is PHP 30,000, his/her MSC will be PHP 30,000. The corresponding SSS contribution rate for PHP 30,000 MSC is 11% or PHP 330 per month. This means that the OFW needs to pay PHP 330 every month as his/her SSS contribution.
For higher monthly salaries, the contribution rate also increases. For example, if an OFW’s monthly salary is PHP 50,000, his/her MSC will also be PHP 50,000. The corresponding SSS contribution rate for PHP 50,000 MSC is 12% or PHP 600 per month. This means that the OFW needs to pay PHP 600 every month as his/her SSS contribution.
It’s important for OFWs to pay their SSS contributions on time to avoid penalties and ensure they get the full benefits they are entitled to. By regularly paying their contributions, OFWs can avail of SSS benefits and loans such as sickness benefit, maternity benefit, retirement benefit, disability benefit, death benefit, funeral benefit, salary loan, housing loan, and house repair and improvement loan.
To sum it up, OFWs should check the SSS schedule of contributions to determine how much they need to pay for their contributions. By doing so, they can enjoy the full benefits of being an SSS member and secure their future.
How to register as an OFW member
As an OFW, becoming a member of the Social Security System (SSS) is a great way to secure your future and enjoy the benefits and privileges that come with it. If you’re not yet an SSS member or don’t have an SSS number yet, you can easily apply as a new member via the My.SSS online facility or by visiting the nearest SSS branch.
If you choose to apply personally at an SSS branch, here are the steps you need to follow:
- Download and fill out a Personal Record form (SS Form E-1) from the SSS website. Make sure to provide accurate and complete information.
- Print out the accomplished form and prepare the necessary documents, such as your birth certificate. If you don’t have a birth certificate, you may present other acceptable documents such as a baptismal certificate, passport, driver’s license, PRC card, or seaman’s book.
- Visit the nearest SSS branch and submit your SS Form E-1 and supporting documents to the SSS officer in charge. You may also need to bring other documents that may be required by the officer.
- Wait for your SSS number and membership confirmation. The SSS officer will give you a confirmation stub as proof that you have applied for membership. You can use this to check the status of your membership application through the SSS website or by visiting the SSS branch where you applied.
By following these steps, you can easily become an SSS member and start enjoying the benefits and privileges that come with it. As an OFW, it’s important to secure your future and that of your family by availing yourself of the benefits offered by the SSS. Don’t wait any longer and apply for an SSS membership today!
Video: Complete List of Benefits for OFW SSS MEMBERS
Are you an overseas Filipino worker (OFW) and an SSS member? Then you don’t want to miss this video! Discover the complete list of benefits that you can avail of as an OFW SSS member. From sickness and maternity benefits to retirement and disability benefits, funeral benefits, salary and housing loans, and more. Find out how much SSS will require you to pay for your contributions, and learn how to apply as a new member if you’re not yet registered. Secure your future and that of your family by taking advantage of the benefits and privileges offered by the SSS. Watch now and be informed!
Frequently Asked Questions
1. Who can avail of the SSS benefits exclusive to OFWs?
OFWs who are SSS members and are below 60 years old can avail of the benefits.
2. What are the exclusive SSS benefits for OFWs?
The exclusive SSS benefits for OFWs are the Flexi Fund Program and the Overseas Filipino Workers SSS Coverage Program.
3. What is the Flexi Fund Program?
The Flexi Fund Program is an SSS investment facility designed for OFWs who want to save more for their retirement or to prepare for contingencies such as disability or death.
4. What is the Overseas Filipino Workers SSS Coverage Program?
The Overseas Filipino Workers SSS Coverage Program is the government agency’s regular coverage for OFWs aged 60 and below who are SSS members.
5. What SSS benefits can OFWs get under the regular coverage program?
OFW-members can avail of any SSS benefit and loan as long as they meet the qualifying conditions. Some of the benefits include sickness, maternity, retirement, disability, death, and funeral benefits, as well as salary, housing, and house repair and improvement loans.
6. How much do OFWs need to pay for their SSS contributions?
SSS computes monthly contributions based on the OFW’s monthly earnings (in Philippine Peso), as indicated during membership application. The SSS schedule of contributions can be found on the SSS website.
7. How can OFWs apply as new SSS members?
OFWs can apply as new SSS members via the My.SSS online facility or by visiting the nearest SSS branch. If applying personally, they need to download and fill out a Personal Record form (SS Form E-1), and submit it along with their birth certificate or other acceptable documents.
8. How can OFWs check the status of their SSS membership?
OFWs can check the status of their SSS membership through the SSS website or by visiting the SSS branch where they applied. They can use the confirmation stub provided by the SSS officer as proof of application.
Summary
In conclusion, the SSS benefits exclusive to OFWs, such as the Flexi Fund Program and the Overseas Filipino Workers SSS Coverage Program, offer valuable support and financial assistance for OFWs and their families. OFWs who are SSS members can also avail of various other SSS benefits and loans, as long as they meet the qualifying conditions. By knowing and taking advantage of these benefits, OFWs can better prepare for their future and have peace of mind while working abroad.
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