By Emmanuel D. Taghoy
IPIL, Zamboanga Sibugay – To
help Filipino workers abroad prepare for their future, the Social Security System
(SSS) has been encouraging Overseas Filipino Workers (OFWs) hereto commit to
regular saving and join the exclusive Flexi-Fund program.
“We are inviting Sibugaynons who are
working abroad to register with SSS and take charge of their personal finances
through regular savings. We invite them as well to join the exclusive Flexi-Fund
program for OFWs,” Branch Head Rudy M. Lacandalo of SSS-Sibugay said.
Lacandalo said it would be beneficial for
OFWs to enrol to the Flexi-Fund Program while they are still employed abroad.
“Once they returned home and their income stops, their savings with SSS can
mitigate the loss of income,” he explained.
An OFW member will be able to save and
build up funds that can be used upon retirement to supplement the benefits
available under the regular SSS program for a minimum of P200 paid in excess of
the maximum contribution.
Under the regular SSS program, an OFW
member can contribute at least P550 based on the P5,000 minimum monthly salary
credit (MSC) for OFWs to a maximum of P1,760 per month based on the maximum MSC
of P16,000. SSS savings will redound to their benefits in the form of payments
for contingencies such as sickness, maternity, disability, retirement and
death.
Accordingly, early withdrawal of funds is
also allowed in case of urgent cash needs.
The Philippine Statistics Authority (PSA)
2013 Survey on Overseas Filipinos showed that only 40.7 percent of 1.9 million
OFWs who sent remittances had savings from cash remittances, which was
2.2-percent lower than data in 2012.
As of September 2014, existing OFW members
of the Flexi-fund program reached 39,274 with total equity amounting to P431
million. A paying OFW member has an average Flexi-fund investment of P10,974.
The SSS estimates
Flexi-fund investments to grow at an average guaranteed interest rate of 1.3
percent this year, while Flexi-fund accounts with annual incentive benefits
(AIB) will have a total yield of 3.9 percent.
