The Philippines Social Security System (SSS) has recorded an 11.5 percent growth with 1.34 million Overseas Filipino Workers (OFW) being registered as members as of May 2021.
This growth is due to economic concerns caused by the COVID-19 pandemic that has forced Filipinos to seek overseas employment to help support themselves and their families, SSS President and Chief Executive Officer Aurora C. Ignacio said on July 5.
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Meanwhile, data from the Philippine Statistics Authority (PSA) highlighted 2.2 million OFWs as of April to Sept. 2019.
Ignacio described OFWs as modern-day heroes, hardworking family breadwinners, and huge contributors to the Philippine economy through their remittances. She also urged that OFW should have “sufficient safety nets” — especially in times of contingencies – in the form of social security benefits, loan privileges, and other savings schemes that ensure their hard-earned income turning into gainful investment in the long run.
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While the Pension Fund began covering OFWs under voluntary membership in 1995, this coverage became mandatory for land-based and sea-based OFWs below 60 years of age under the Republic Act (RA) 8042 — also known as the Migrant Workers and Overseas Filipinos Act of 1995.
Urging for extensive coverage of the remaining 860,000 OFWs through a stronger partnership with government partners like the Philippine Overseas Employment Administration (POEA) and interest groups, the SSS president noted that uncertainties could arise in working overseas and this emphasized the importance of financial security and stability – especially when OFWs decide to retire and return to the Philippines. (AW)
