Overseas Filipino Workers can still pay their contributions with the Social Security System (SSS) to help them provide for their old age. The distance from the home country is not going to be an obstacle for securing additional funds for their retirement years. Technology and the internet has made an impact in the payment of funds for this purpose.
Related Post: How to View and Check your SSS Contributions Online
Any Filipino can avail of the SSS benefits. Specifically, if you have contributed at least 120 months you would be eligible to receive a pension in your retirement years. If you contributed less than 120 months, you would receive a lump sum equal to the total of your contributions plus any interest it has accrued.
Remember that you can only pay your contributions for the current calendar year. This means you can pay contributions from January to December of the current calendar year only. You can pay a one-time lump sum per year or do it on a monthly basis.
3 Ways to Pay Your SSS Contributions while Working Abroad
However, you cannot pay for your previous years’ contributions because it would entail a lot of records updating. This is not being promoted and practiced by the SSS because they cannot retroactively give you the interest rates. This would also mean there would be gaps in your payment record but it previous payments would still be considered in the computation and counting.
Being an OFW, how can you pay your SSS contributions regularly? Here are some of the common ways to do so:
1. Pay via Bank Auto-debit Programs
You can pay your regular SSS contributions using the auto-debit arrangement of your Philippine bank. This would entail you enrolling your existing bank account to automatically pay your SSS contributions on-time every month for your specified amount. This is usually means a one-time bank run where you will update the bank staff about this. It could also be done using the on-line banking facility.
This is a hassle-free and worry-free method to keep up with your SSS contributions.
2. Pay via Over the Counter Procedure – Banks, Bayad Centers and Remittance/Money Exchange Centers
The over-the-counter procedure is one of the best ways to pay your contributions whether you are overseas or residing locally. All you have to do is fill in the SSS RS-5 or the Contributions Payment Return and fill in the necessary data.
The SSS RS-5 form can be downloaded via the SSS website and can also be acquired in the international branches of Philippine banks. International partners of local Bayad Centers can also be used. However, make sure that these international branches are legitimate in the first place. Remittance centers also offer this service so check the availability in your area.
Make sure you check the appropriate boxes in the forms and fill in the blanks with accurate information.
Make sure you keep your receipts for validation and records-keeping. You can also validate your contribution records via the SSS website. Any discrepancies can be reported and it would be good if you can produce the receipts as upport documents.
3. Have a relative or family member pay for your contributions locally
You can have a family member (such as your wife or offspring or your trusted relatives) pay for you over the counter or through the SSS branches. All they have to do is to fill in the SSS RS-5 form with your information and pay the contribution amount over the counter. Have them keep the receipt as part of your payment record. As we have said earlier, you can use it to verify your SSS contributions via the website.
You can have them pay via SSS branch teller counter personnel, accredited Bayad Centers, via SM Business Centers and SSS-accredited commercial banks.
Paying SSS contributions would help you gain financial benefits in the future. Securing a regular cash flow in your old age (no matter how small it may seem) would benefit you when you need money for medicines and other necessities.