A panel in the House of Representative has formed a technical working group (TWG) that seeks to draft a bill that will provide retirement benefits and assistance to overseas Filipino workers (OFWs).
The TWG under the House Committee on Overseas Workers Affairs aims to draft consolidated and substitute versions of House Bill Nos. 3746, 5470, and 7228.
Authored by Sagip Partylist Rep. Rodante Marcoleta, HB 3746 aims for the establishment of Overseas Filipino Workers Social Security and Retirement System, which allows OFWs to receive retirement pay at an earlier age and provide voluntary separation benefits.
The bill requires all OFWs registered with the Philippine Overseas Employment Administration (POEA) to contribute 5 percent of their gross monthly income for at least 10 years.
The Social Security System’s (SSS) program for OFWs currently offers limited pension benefits which mature only at the age of 60. Marcoleta pointed out that OFWs such as domestic helpers and construction workers usually find reemployment difficult at the age of 45.
“It is unthinkable for them to wait until the age of 60 to receive their pension benefits under the SSS program,” the author said in the bill.
Meanwhile, HB 5470, authored by Magdalo Partylist Rep. Gary Alejano, seeks to establish Overseas Filipino Workers Pension Fund.
This allows OFWs to receive a starting capital for their business in case of mishap in their overseas work.
HB 7228, authored by Quezon City Rep. Winston Castelo, aims to protect dependents of OFWs in case of death or disability of an OFW which leads to income loss.
Under the proposed law, dependents of the OFW will receive a special pension fund.
“There has to be a state intervention whereby they are protected economically if this scenario occurs,” Castelo said in the bill.
