It is always best to have something in your “backpocket” which can be used in cases of emergency or retirement.
One of the ways to have a safety net when an emergency rises is by being a member of the Social Security System or SSS.
By paying a monthly contribution, OFWs can assure that they will have money in times of sickness or should they decide to return to the Philippines for good when they retire.
SSS President and Chief Executive Officer Emmanuel F. Dooc enumerated some of the benefits OFWs can receive as SSS members.
If an OFW is paying the maximum monthly SSS contribution of Php1,760 (Dh121.8) for at least 10 years, he/she will be entitled to the following:
– Basic monthly pension amounting to at least P6,400 upon retirement, disability or death, with an additional monthly benefit of P1,000
– Other benefits for pensioners like 13th month pension, dependents pension, and supplemental monthly allowance of P500 for disability pensioners
– Short-term benefits in the form of cash allowances for sickness (up to P57,600 per year)
– Maternity allowance for female members (up to P32,000 for normal delivery/miscarriage and P41,600 for caesarian delivery)
– Funeral grant amounting to at least P20,000
– Salary loan of up to P32,000
– Direct housing loan of up to P2-million
– In case of death, 100% of their pension will be transferred to their spouse and dependent children as primary beneficiaries
Members who will not be able to complete the 10-year contribution minimum can ask for refund of all their contributions.
SSS coverage for all OFWs under the age of 60
On October 9, the bicameral conference committee approved the bill expanding the coverage of Social Security Systems (SSS) to both land-based and sea-based OFWs under the age of 60.
The bill tasks the Department of Foreign Affairs and the Department of Labor and Employment as the primary agencies that “would negotiate for the OFWs, especially those working in Middle East countries”.
Meanwhile, the bill also seeks to expand the function of the Philippine embassies in different countries abroad to enable them to collect the contributions of OFWs.
Currently, only 500,000 OFWs are covered by SSS. With the bill, this number is targeted to increase to 2.5 million.
RELATED ARTICLE: Bicam-approved bill requiring SSS coverage for OFWs
I have a question, paano po Yung mga OFW like me na Ang SSS contribution ay ngstart sa 300- 1k pesos, at 3years na lng maging 10years na Ang contribution. Do I still need to make again 10years maximum amount ofSSS contribution para ma meet ko Ang requirements ng SSS,para mareceive ko lahat Ang benefits sa mga nabanggit dto. Pano kung mapauwi ako, pano ko pa iyan mahuhulugan kng wla na ako trabaho,Pano ang iba na Hindi makatagal sa pagaabroad, pano Yung contribution nila pano na nila mahuhulugan yun?Malaki din Yan 1700 na Yan eh. Sana eh, kng anong Kaya lng Ang SSS contribution kasi Kme dto sa abroad Hindi po pare pareho Ang sahod. Wag nman po sanang I mandatory Ang maximum SSS contribution sa OFW ,kung anong Kaya lng po Sana namin mga OFW.
Salamat po