 |
|
Frequently Asked Questions
|
|
Overseas
Filipino Workers Benefits:
THE SSS FLEXI-FUND PROGRAM:
A Voluntary Provident Fund for OFWs
A new breed of heroes has emerged on our
country's landscape. They work hard to provide
for their families, toil endlessly in foreign
lands to get their children through school,
and sacrifice relationships to uplift the
economy of our nation as a whole.
Of course, we're talking about our very
own Overseas Filipino Workers (OFWs), one
of the last bastions of hope for our country's
economic recovery. These tireless workers
labor everyday in faraway countries to help
us get by, and in turn, these heroes receive
all the benefits accorded to them such as
special financial programs, workers' insurance,
and an overseas fund.
And now, our very own Social Security System
(SSS) has added another highlight to the
OFWs financial security. Starting immediately,
the SSS is conducting the SSS Flexi-Fund
Program: A Voluntary Provident Fund for
Overseas Filipino Workers. The program is
a voluntary provident fund that provides
a mechanism for the OFW to save more for
the future, complementing the benefits under
the regular SSS programs. This means the
program is open only to OFWs abroad and
is added on top of existing SSS-OFW membership
benefits.
"What we noticed is the OFW earns a
lot in a short period of time, pagkatapos,
wala na," says SSS president Vitaliano Naρagas
II. "So this is a way for the OFW to even
it out," he adds. The program is tax-free
and OFW members can avail of the fund as
early as three years after the commencement
date, or choose to leave the fund alone
until they retire. The fund aims to provide
OFWs with a mechanism to save part of their
incomes provided by overseas employment.
Confronted with finding a means of livelihood
once they return to the country, the SSS
Flexi-Fund allows SSS-OFW members to prepare
by encouraging saving while they are employed
overseas. Members have the option to avail
of the accumulated balance in their provident
fund to meet their financial needs. Early
withdrawals can finance housing, education,
or capital for business. When held to retirement
age, the provident fund can finance the
member's needs in old age in the form of
monthly pension, a lump sum payment or both.
The fund is a significant supplement to
existing benefits under the regular SSS
programs. Naρagas asserts, "This is in response
to the OFWs, to help them re-enter the mainstream
of Filipino society after years of hard
work overseas.
Since OFWs earn higher levels of income
that are otherwise not available locally,
the voluntary fund encourages OFWs to take
advantage of the earnings boost by saving
a greater portion of it for future needs.
Because it is a provident fund, all amounts
accumulated plus interest shall accrue solely
to the SSS-OFW member.
Membership in the fund is open to all OFWs
who fall under the following categories:
- recruited in the Philippines by a
foreign-based employer for employment
abroad;
- having a source of income in a foreign
country; or
- residing permanently in a foreign
country.
OFWs can contact the foreign
branches of the SSS for an application
to the program. OFWs based in countries
without existing SSS offices may submit
applications via mail or email
addressed to the International Affairs and
Branch Expansion (IABE) office.
An OFW can pay his contribution to the fund
anytime, provided that, at the time of payment
the maximum required monthly contribution
is paid to the regular Social Security program.
Any amount paid in excess of the required
maximum monthly contribution to the regular
Social Security program shall be applied
to the fund. An OFW may continue paying
the contribution under this fund even after
the termination of his overseas employment,
as long as the OFW continues to pay the
required maximum contribution to the regular
Social Security program. Payments shall
cease upon filing of a final claim under
the regular SSS program.
Overall, the SSS Flexi-Fund's program includes
benefits such as:
RETIREMENT
A member who has reached 60 years of age
is entitled to a retirement benefit.
DEATH AND DISABILITY
Upon the death of a pensioner (e.g. retirement,
disability or early withdrawal pensioner),
the beneficiary shall receive a lump sum
benefit equivalent to the cash value of
the remaining pension.
EARLY WITHDRAWAL
A member may withdraw his contributions
to the fund including interest anytime.
With the help of the Department of Labor
and Employment and Department of Foreign
Affairs, the SSS is hopeful in making this
program available in all OFW countries by
the end of the year.
"Basically, ang konsentrasyon namin
ay service. Iyon lang naman ang kailangan
ng taong-bayan, service, service, and more
service," states Naρagas with a smile. "Iyon
ang SSS."
FOREIGN REPRESENTATIVE OFFICES
ABU DHABI, UAE
Embassy of the Philippines
Villa No. 7, 11th Street
Madinat Zayed, P.O. Box 3215
Abu Dhabi, United Arab Emirates
Telefax No. (9712) 632-2630
Email: ssswilma@emirates.net.ae
Contact person: Wilma M. Ortiz
AL-KHOBAR KSA
Arab National Bank
Telemoney Center (near Shola Shopping Center)
P.O. Box 37, Al-khobar 31952, KSA
Tel. Nos. (9663) 894-2618; 894-5221
Fax No. (9663) 894-1546
Contact person: Francisco U. Uy
BRUNEI, Darussalam
Embassy of the Philippines
No. 17, Simpang 126
Jalan Tutong, Bandar Seri Begawan
Negara Brunei Darussalam 00673
P.O. Box 3025, BSB 1930
Tel. No. (673) 222-1240
Fax No. (673) 222-1173
Email: sssbru@brunet.bn
Contact person: Roberto V. Roldan
DOHA, Qatar
Embassy of the Philippines
4070 Al-Wanda Street, West Bay
Doha, State of Qatar
P.O. Box 24900
Telefax No. (974) 487-8599
Email: sssdoha@qatar.net.qa
Contact person: Marina Paulina G. Pante
HONG KONG
Philippine Consulate General
14/F United Centre
95 Queensway, Admiralty, Hong Kong
Tel. No. (852) 2143-6394
Fax No. (852) 2377-9556
Email: aj_recio@hotmail.com
Contact person: Alfredo Jose I. Recio, Jr.
JEDDAH, KSA
Philippine Consulate General
Sarhan Al-Ajmawi Street
Al-Faisaliyah, District 1
P.O. Box 4794
Jeddah, Kingdom of Saudi Arabia
Tel. No. (9662) 642-2578
Fax No. (9662) 642-9825
Contact person: Bengie P. Hermoso
KUALA LUMPUR, Malaysia
Embassy of the Philippines
#1 Changkat Kia Peng
50450 Kuala Lumpur, Malaysia
Tel. Nos. (603) 2143-3361; 2145-9485
Fax No. (603) 2142-5299
Email: ssskl@pd.jaring.my
Contact person: Irineo O. Estabillo
KUWAIT
Embassy of the Philippines
Block 7, Street 103, Villa 503
Jabriya, State of Kuwait
P.O. Box 26288, Safat 13123
Tel. Nos. (965) 532-9316 to 18; 532-0224
Fax No. (965) 532-9319
Email: ssskwt@qualitynet.net
Contact person: Danilo Q. Calape
MILAN, Italy
Philippine Consulate General
Via Santa Maria Segreta 6, 20123
Milan, Italy
Telefax No. (3902) 860-248
Email: sssmilan@hotmail.com
Contact person: Thelma V. Venturanza
NEW SOUTH WALES, AUSTRALIA
170 Chapel Road
Bankstown, NSW 220
Australia
Tel. No. (612) 9709-6999
Fax No. (612) 9790-5788
Email: intax@idx.com.au
Contact person: Emma De Vera
RIYADH, KSA
Arab National Bank, Telemoney Center
Batha, Riyadh, KSA
Tel. No. (9661) 402-9000 local 5052, ext.
16
Fax Ext: 17
Contact person: Abdawiya K. Navarro
ROME, Italy
Embassy of the Philippines
Viale delle Medaglie D'Oro 112-114
00136 Rome, Italy
Telefax No. (3906) 3972-1505
Email: sssrome@hotvoice.com
Contact person: Deogracias B.V. Luminarias
SAIPAN
Philippine Consulate General
Grd. Flr., Nauru Bldg., Susupe
P.O. Box 731 CK Saipan MP
96950, CNMI, Saipan
Tel. Nos. (1670) 235-3411; 235-7658
Fax No. (1670) 235-3412
Email: jagutierrez@saipan.com
Contact person: Jeanina A. Gutierrez
SAN FRANCISCO
34 San Pedro Road
Daly City, California 94014-2528
Tel. No. (1650) 991-4SSS
Fax No. (1650) 757-2014
Email: mllanes@juno.com
Contact person: Manuel B. Llanes
SINGAPORE
Embassy of the Philippines
20 Nassim Road, Singapore
Tel. No. (65) 6737-3977
Email: sss_singapore@hotmail.com
Contact person: Roland R. Pagdanganan
TAIPEI, Taiwan
4/F, Metrobank Bldg., 107 Chiung Hsiao East
Road
Sec. 4 Taipei, 10636 Taiwan
Tel. No. (88622) 711-9603
Fax No. (88622) 711-9548
Email: ssstaipe@ms72.hinet.net
Contact person: Genevieve F. Hizon
Source: http://www.sss.gov.ph/news/anno031.htm.
|
|
|
|
|
|
|
|
|
|
Information By Category
|
|
|
|
|
|
|
|
Links
|
|
|
|
|
|
|
| |
|
|
|
|
|
