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All you need to know: Benefits of mandatory SSS coverage for OFWs

by | News, TOP STORIES

Feb. 19, 19 | 2:15 pm

President Rodrigo Duterte recently signed into law the bill requiring Social Security Systems (SSS) coverage to all overseas Filipino workers (OFWs) under the age of 60.

According to the detailed version of the law, all land-based and sea-based OFWs under the age of 60 are covered by the law, as per the provisions of the Migrant Workers and Overseas Filipinos Act of 1995.

For sea-based OFWs, their manning agency will serve as their employers while land-based OFWs will be considered as compulsory members of the SSS.

Will OFWs’ employers have their share too in the monthly contribution?

Under the law, the Department of Foreign Affairs (DFA), the Department of Labor and Employment (DOLE), and all Philippine-offices abroad tasked to look after Filipinos there are mandated to be able to secure bilateral agreements with the OFWs’ host countries which would require OFWs’ employers to pay their share of the contribution.

“[OFWs] shall be considered as compulsorily covered employees with employer and employee shares in contributions that shall be provided for in the bilateral labor agreements and their implementing administrative agreements,” a portion of the law reads.

Employer shares to the OFW’s contribution begins on the first day of the worker’s employment.

What if an OFW’s overseas contract ends?

OFWs may still opt to continue paying their SSS contributions on a voluntary basis for them to receive full benefits.

When an OFW’s contract with his/her employer ends, the employers are only obliged to pay for their shares until the end of the month of the separation.

How much is the monthly pension of an OFW SSS member after retirement?

The monthly pension shall be the highest of the three:

a) P300 + (20% x Average Monthly Salary Credit) + (2% x Average Monthly Salary Credit) x (Credited Years of Service – 10);
b) 40% x Average Monthly Salary Credit;
c) The minimum pension of P1,200, if with at least 10 Credited Years of Service; or P2,400, if with at least 20 Credited Years of Service, whichever is applicable

What are the other benefits of being an SSS member?

Aside from the monthly pension, OFW members are also entitled of the following benefits:

Retirement benefits
Death benefits
Permanent disability benefits
Funeral benefit
Sickness benefit
Maternity leave benefit
Unemployment insurance or involuntary separation benefits

Any concrete samples?

SSS President and Chief Executive Officer Emmanuel F. Dooc said that 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

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It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 2.5 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

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