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The government, aiming to provide extra help to the 1 million

 

Filipinos working abroad, has opened another program through the Social Security System which will further help our OFWs control their savings and achieve more financial security.

 

The SSS Flexi-Fund, which was introduced under the term of former SSS President Vitaliano Nanagas, is a voluntary provident fund for OFws on top of their regular SSS contributions. It seeks to aid the worker in maximizing his earnings while he works abroad. This program is a supplement to a worker’s regular sickness,retirement, and death benefits as offered by the SSS.

 

The program is open to OFWs who fall under the following categories:

1. Recruited in the Philippines by foreign-based employers for work abroad;

 

1. Having a source of income in a foreign country; or

 

1. Residing permanently in a foreign country.

 

The worker can contact any satelite office of the SSS to apply for the program. If there are no SSS satelite office in the country where he is staying, he can send an application through mail or email addressed to the International Affaurs and Branch Expansion (IABE) office.

 

An OFW who wants to avail of the program will have to make sure first that his maximum required monthly contributions to SSS has already been paid. This is to encourage the worker to make the most savings out of his earnings abroad. Any contribution he has made in excess of the maximum required monthly contribution shall be automatically credited to his Flexi-Fund. Contributions to the program can be made anytime, provided your monthly contribution is already settled.

 

Even after your contract as an OFW is over, you may still pay your contributions to the fund, provided you still continue to pay your regular monthly contributions in the maximum bracket. Your fund will only cease to stop collecting contribitions when you stop paying your regular SSS contribution.

 

You can pay your payment to the Flexi-Fund by filling out SSS Form RS-5 and subbmitting it to any SSS office, and remit the payment on the following banks

• Allied Bank

 

• Asiatrust Bank

 

• Bank of the Philippine Islands (BPI)

 

• Equitable PCI Bank

 

• International Exchange Bank

 

• Land Bank of the Philippines

 

• Metrobank

 

• Philippine National Bank (PNB)

 

• Rizal Commercial Banking Corporation (RCBC)

 

• Security Bank

 

• Luzon Brokerage Corporation (LBC)

 

Benefits

 

What’s puts the added plus in this program is the early widthrawal benefit, where the worker can widthraw his accumulated contributions, including interest, anytime. other benefits include retirement, for members who reach the age 60 and above,

and eath and disability, wherein a lump sum equivalent to the cash value of the remaining pension shall be paid to the beneficiary.

 

The Flexi-Fund is tax-free savings and pension plan for OFWs, therefore you can actually realize the full benefits of your savings without the cut intended for the state. Moreover, your contributions accumulate interests, which you can get should you choose to widthraw your money early. This is on top of your actual contribution to the fund. The mechanism of the fund is programmed in such  way that it will be easy for OFWs to save, and track their savings for future use. I also found Flexi-Fund useful in today’s global economic meltdown, where many Filipinos abroad are in fear of losing their jobs and source of living. better save what you earn now than be sorry later.

 

Cons

 

Although the Flexi fund has a number of benefits, only some 16,000 OFWs, out of the 515, 762 OFWs who are SSS members opted to sign up for the program. Most of them find the contribution to the Flexi-Fund, which is separate and above the maximum required monthly contribution, a bit heavy on the pocket.

 

Contact Info

 

For more information you can log on to

 

http://www.sss.gov.ph

 

You can send your applications to the Flexi-fund through

 

International Affairs and Branch Expansion Office
3/F SSS Bldg., East Avenue
Quezon City, 1100 Philippines
Telefax: (632) 435-9814
email: sssemail@info.com.ph

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