Being a member of Social Security System (SSS) we are entitled to different benefits such as Maternity, Sickness, Retirement, Death and Disability Benefits. But for Overseas Filipino Workers (OFW) SSS has another program that will give you benefit especially for your future or retirement.
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OFWs are always advised to save for their own future aside from the money they send to their loved-one at home. Under the SSS Flexi Fund, you can save at the same time let your money grow.
What is SSS Flexi Fund and Why It's a Good Savings-Investment Option?
The SSS Flexi Fund is safe and secure saving, with guaranteed earnings
- A provident fund scheme designed to supplement pension benefits under the regular SSS program.
- Funds invested in fixed income securities, thus more transparent and risk-free.
- Better yielding since interest rates are based on average rates of SSS’ short-term peso placements or 91-day Treasury bills, whichever is higher.
This program encourages OFWs to save money in order to supplement their retirement needs.
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Who is allowed to enroll in this Program?
- All overseas Filipino workers (OFW) who are not over 60 years old
Accumulated funds, including interest earnings (net or management fee), to be disbursed as tax-free benefits;
- For member’s retirement, disability, and death
- Early withdrawal allowed any time for urgent cash needs (with pre-termination fees if less than 1-year retention)
- Granting of Annual Incentive Benefits (AIB) to qualified active members.
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How much can OFWs contribute to Flexi Fund?
- Any amount not lower than P200 paid in excess of required SSS contributions
- Automatically credited to member’s Flexi Fund account once enrolled
- No initial deposit or maintain balance requirement, and also no prescribed ceiling on contribution amounts
- Payment anytime, depending on capacity to save
- Payments accepted electronically at overseas offices and tie-ups of SSS accredited collection partners
- Options for members to remit, thru relatives in the Philippines, at SSS Branch tellers and other accredited channels.
- Payment thru Internet and auto debit arrangements also available for account holders of participating banks.
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How to apply for SSS Flexi Fund?
First - Fill out the Flexi Fund Enrollment Form. This is available in the SSS website. You can print it and fill out at home. Form is also available on SSS branches.
Second - Submit your filled out form to SSS branches near your, weather local of foreign.
Third - Present your UMID/SSS ID card or valid passport for proper identification.
You need to present and submit the original and photocopy of valid Overseas Employment Certificate (OEC) or e-receipt issued by POEA as proof of pending deployment.
In case that the latest maximum contribution is not yet posted, you need to present a validated proof of payment.
For more information, you may watch the videos above or inquire in the nearest SSS office in your area.
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