SSS urges OFWs to register with the fund

  • Page Views 936
  • State-run Social Security System (SSS) urged Overseas Filipino Workers (OFWs) registered with the pension fund to take charge of their personal finances through regular savings, reiterating invitation to join the exclusive Flexi-Fund program for OFWs. Citing the Philippine Statistics Authority (PSA) 2013 Survey on Overseas Filipinos, Judy Frances A. See, SSS senior vice president noted that only two in every five OFWs are able to save  from their cash remittances.

    The PSA survey 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.

    “Saving should be a priority because once they come back home and their income stops, they would likely have to live off whatever amount they have set aside. It is, therefore, important that they accumulate funds for a reserve, such as their SSS savings to mitigate loss of income,” See said.

    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, according to See. “Saving even a small amount on a regular basis is a good start. It can soon add up to big gains over the long run especially if put into a safe investment vehicle,” she added.

    To help them prepare for the future, the official underlined the exclusive SSS Flexi-fund program for OFW members, a provident fund type of retirement plan that encourages saving while they are employed overseas.

    “For only a minimum of P200 paid in excess of the maximum contribution, it already enables an OFW member to save and build up funds that can be used upon retirement to supplement the benefits available under the regular SSS program. Early withdrawal of funds is also allowed in case of urgent cash needs,” she said.

    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.

    See explained the money put in the Flexi-fund are invested in fixed-income government securities that are risk-free. Interest earnings are guaranteed, as computed based on the average rate of SSS’ short-term peso placements or 91-day Treasury bills, whichever is higher.

    The SSS estimates Flexifund 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.

    “With Flexi-fund, OFW members can maximize the return on their savings despite the prevailing low-interest environment. Those who will retain their savings intact within the year will be automatically entitled to annual incentive benefits in the form of additional earnings credited to their Flexi-fund accounts,” See said.

    SSS previously reported that Flexi-Fund accounts in 2013 earned a total of P16.4 million at a guaranteed interest rate averaging 2.7 percent. Total earnings comprised of P7.24 million in annual incentive benefits (AIB) and P9.16 million in guaranteed earnings. Flexi Fund accounts with AIB had a total yield of 4.2 percent in 2013.
    The highest AIB credited to a member’s Flexi-fund account was P57,098.

    “We hope that we can inculcate the saving habit among our members through our regular program and alternative saving options such as the SSS Flexi Fund,” See said. (C. Leyco, mb)

    ofw

     

    SSS BRIEFING AND ON-SITE SERVICES IN TORONTO, CANADA – Judy Frances A. See (3rd from left), Social Security System senior vice president for account management and international operations, is shown in photo together with the IREMIT Team which include Country Head and Managing Director for Canada Belinda Lim Herrera; Ontario Manager Simeon Sarte; Carol Ong, finace officer; staff members Joy Pangilinan and Dona Barit supporting SSS for two days on December 5-6, 2014 of its brieÞ ng on the programs and projects of SSS at the Philippine Consulate General’s OfÞ ce and at the St. Paschal Baylon Church in Toronto, Ontario, Canada. She announced the putting up of SSS ofÞ ce in Toronto, Canada by March 2015. (Photo from mb.com)

    Share

    Leave a Reply

    New Posts Recently publish post More

    • 22 October 2017
      3 hours ago No comment

      All’s well that ends well between Viva and Star Cinema

      Is it true that Star Cinema allegedly tried to stop the run of “The Barker,” starring Empoy Marquez and Shy Carlos? The said offering from Blank Pages Productions and Viva Films was originally scheduled to open in cinemas on October 4. An insider told Roving Eye that when Star ...

    • 22 October 2017
      6 hours ago No comment

      Baron Geisler trends again on Twitter after arrest

      Baron Geisler got arrested after allegedly causing a commotion at a restobar in Quezon City on Monday night, October 16. He is currently detained at Kamuning Police Station. According to a report by Super Radyo dzBB’s Divine Reyes on the radio show “Unang Balita,” Baron was taken by police on ...

    • 22 October 2017
      8 hours ago No comment

      Joshua is pressured on new role

      As part of “The Good Son,” the newest primetime series in the Kapamilya network, Joshua Garcia revealed it’s hard not to feel the pressure to deliver after being entrusted with another major project. “‘Yung buong team sobrang pressured kami. Supposedly kasi dapat Kapamilya Gold kami tapos nabago, biglang nabago ...

    • 22 October 2017
      10 hours ago No comment

      Nadine, dad post loving, inspiring messages after death of kin

      Nadine Lustre’s father Ulysses took to Facebook to share his thoughts on depression after the sudden demise of his son Isaiah, who would have turned 17 last Friday, October 13. He wrote, “The loss of a father or a mother is painful, the loss of a son is unbearable. ...

    • 22 October 2017
      12 hours ago No comment

      Liza training seriously for ‘Darna’ role

      Liza Soberano is in the thick of preparations for her new Darna movie. “Yes!” she reveals. “My trainings are rigid at this point. Imagine, I practice four times a week and it’s no joke. But I’m pleased with the results. I can confidently say that I’m ready when the cameras ...

    %d bloggers like this: