Back to Questions Category
The Social Security System (SSS) offers insurance benefits to Filipino workers,whether they are working in the Philippines or overseas. Being a migrant worker and an SSS member though has an advantage because they can opt to enjoy the two-tiered social security scheme of SSS for overseas Filipino workers (OFWs).
Coverage of an OFW takes effect upon payment of the first monthly contribution.
The monthly contributions will be based on the monthly earnings declared at the time of registration, computed in Philippine pesos.
Banco de Oro
OFWs are entitled to various benefits and loan privileges, provided qualifying conditions for entitlement are met. To ensure higher benefits and privileges you can continue to pay your monthly contributions until you reach the age of 60 or 65 years old.
The SSS Flexi-fund is a voluntary provident fund for Overseas Filipino Workers (OFWs). It is an additional service of the SSS on top of its regular OFW membership. The program gives OFWs the opportunity to set aside part of their Flexi-fund contributions, thus providing good security for their future.
The Flexi-fund Program is a pension plan and savings account rolled into one. Primarily, it aims to supplement the pension benefits under the regular OFW coverage. Members who reach retirement or become disabled will receive their benefits, equal to their total Flexi-fund contributions plus earnings, either in the form of monthly pension, lump-sum payment or combination of both.
The Flexi-fund Program is exclusive to OFW members who are paying contributions based on the prevailing maximum monthly salary credit (MSC) under the regular SSS coverage program.
Enrollment is done using SS Form OW-1 , indicating application for Flexi-fund membership, to be submitted to any SSS Foreign Representative office . Local SSS branches also accept OW-1 forms but will require registrants to present valid Overseas Employment Certificate (OEC) or E-receipt issued by the POEA as proof of pending deployment.
Flexi-fund members may opt to apply for early withdrawal of their accumulated funds, either in full or partial lump sum, in case of urgent financial needs. Pre-termination fees, however, will be imposed on withdrawal of contributions that have stayed in the Fund for less than a year.