The Social Security System (SSS) has recorded 1.34 million overseas Filipino worker (OFW) members as of May 2021, up by 11.5 percent from the same period a year ago.
Aurora Ignacio, SSS president and chief executive officer, said in a statement yesterday economic concerns worsened by the coronavirus pandemic pushed more Filipinos to seek overseas employment to support their family.
“Our modern-day heroes are not only hardworking breadwinners for their family but are also huge contributors to the Philippine economy, thanks to their remittances,” Ignacio said.
“OFWs should receive sufficient safety nets, especially in times of contingencies in the form of social security benefits, loan privileges, and other savings schemes to ensure that their hard-earned income can turn into gainful investment in the long run,” she added.
According to data from the Philippine Statistics Authority, there are 2.2 million OFWs as of April to September 2019.
“We have to work extensively to cover the remaining 860,000 OFWs by enhancing stronger partnership with our government partners like the Philippine Overseas Employment Administration and interest groups,” Ignacio said.
“Uncertainties may arise while working overseas and this is why we emphasize the importance of financial security and stability, especially when OFWs decide to retire and return to the Philippines. Maintaining an SSS membership is a good start and paying their contributions regularly is a huge step to ensure that they can maximize the benefits and privileges when the need arises,” she added.
SSS offers seven benefits for OFWs: sickness, maternity, disability, unemployment, retirement, funeral and death.
They are also entitled to apply for various loan programs such as salary, calamity, educational, housing improvement and pension loan.
OFW coverage starts on the first day of remittance payment to SSS. The minimum monthly salary credit (MSC) is P8,000 up to P25,000, with monthly contribution payments ranging from P1,040 to P2,600, respectively.
There is an additional monthly contribution of P65 to P650 for the mandatory provident fund, also known as the Workers Investment and Savings Program, for members with MSC exceeding P20,000, the pension fund said.
“As we continuously recognize and appreciate their contribution to the society and economy it is mandatory upon the SSS to ensure that social security protection shall be made accessible especially to our Filipino workers, local or overseas, including their beneficiaries,” Ignacio said. – Angela Celis
