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Friday, October 12, 2018

New SSS Charter And Its Benefits To OFWs

The Social Security System (SSS) has always been of great help for millions of Filipino local workers and to the overseas Filipino workers (OFW) deployed in different parts of the world. With its new charter on review and possible amendments, its services are anticipated to be delivered to its members even more efficiently.


The Social Security System (SSS) has always been of great help for millions of Filipino local workers and to the overseas Filipino workers (OFW) deployed in different parts of the world. With its new charter on review and possible amendments, its services are anticipated to be delivered to its members even more efficiently.       Ads      Sponsored Links  The Bicameral Conference Committee has finalized on Tuesday (October 9) the proposed law that would change the 21-year-old charter of the Social Security System (SSS).  The new charter will provide compulsory coverage to overseas Filipino workers (OFW).  Like with ordinary employees, employers will also shoulder a portion of OFW contributions.  The new charter will also increase its loan allotment such as salary loan as well as retirement benefits.  “Ngayon makakautang pa sila ng mas malaki for salary up to 25% na ngayon, at ang housing loan 5%,” said Senator Richard Gordon, the bill’s author and sponsor.  Gordon said the current P16,000 salary loan will likely to increase to P35,000.  The measure will also lower the penalty for overdue contributions from 3% to 2%.  It also promises unemployment insurance.  Employees who will lose their jobs will get financial assistance for two months amounting to half of their monthly salary.  The SSS will be headed by the Secretary of the Finance who will act as its chairman.  Presidential appointees should pass qualifications to get the position and not because of political accommodations.  Increase in monthly contributions rests on the discretion of the Board of Directors and will not require the approval of the President or an endorsement from Congress.  “The commission members have a term and they have the right to approve whatever increase in benefits,” said Senator Franklin Drilon.  The reforms will also give a chance for inactive members to renew their membership.  “As long as you are a member you can resume paying your contribution and become an active member again so you can get the full benefit from the system,” explained SSS Vice Chairman Emmanuel Dooc.  The measure awaits President Rodrigo Duterte’s signature before officially becoming a law.  Before the end of the year, the President is expected to approve the bill.  Filed under the category of Social Security System, SSS,Filipino local workers, overseas Filipino workers (OFW)

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The Bicameral Conference Committee has finalized the proposed law that would change the 21-year-old charter of the Social Security System (SSS).
The new charter will provide the following:
-Compulsory coverage to overseas Filipino workers (OFW).
- Employers will also shoulder a portion of OFW contributions.
- Increase its loan allotment such as salary loan as well as retirement benefits.

-The current P16,000 salary loan will likely to increase to P35,000, said Senator Gordon.
-Lowering the penalty for overdue contributions from 3% to 2%.
-It also promises unemployment insurance.
Employees who will lose their jobs will get financial assistance for two months amounting to half of their monthly salary.
-The SSS will be headed by the Secretary of the Finance who will act as its chairman.
-Presidential appointees should pass qualifications to get the position and not because of political accommodations.
-Increase in monthly contributions rests on the discretion of the Board of Directors and will not require the approval of the President or an endorsement from Congress.
“The commission members have a term and they have the right to approve whatever increase in benefits,” said Senator Franklin Drilon.
The reforms will also give a chance for inactive members to renew their membership.
The measure awaits President Rodrigo Duterte’s signature before officially becoming a law.
Before the end of the year, the President is expected to approve the bill.
Filed under the category of Social Security System, SSS, Filipino local workers, overseas Filipino workers (OFW)
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Many Filipinos especially those in the remote areas of the country.   They can only avail of medical attention once in a blue moon through medical missions coming from non-government organizations (NGO's) and other health advocacy groups. Instances also happen where citizens, even at the heart of the city suffer illnesses and just succumb to their deaths without having treated due to expensive medications and hospitalization. Soon, all Filipinos will have access to free health services including the families of the overseas Filipino workers (OFW).   This situation is about to change as the new universal health bill was already approved and soon to be enacted as a law. The Senate passed on third and final reading a bill that seeks to provide adequate health care services to Filipinos. The senators unanimously voted for the approval of Senate Bill #1986 also known as the "Universal Health Care Bill."   President Rodrigo Duterte wanted it to be certified urgent and called for the proposed measure's passage at the Senate.       Ads     Sponsored Links     With this law being enacted, Filipinos will be given health care coverage and benefits under the National Health Security Program, which replaces the National Health Insurance Program or Philhealth.  Under the universal health care law, "contributors" or those who have the capacity to pay will have to pay for their premiums while the government will shoulder the contributions of non-contributors. Funds for the subsidy will be included in the annual General Appropriations Act as well as sin taxes from cigarettes will also be a major source of funding for the policy.  Presidential Spokesperson Harry Roque, who authored the bill when he was still a party-list representative, thanked the Senate for passing what he considers to be a "groundbreaking" law.  The House of Representative had previously passed a version of the bill (House Bill No 5784) in September 2017.     The President's move in certifying the bill as urgent shows the administration's "unrelenting commitment to provide the marginalized and disadvantaged with sufficient and better health care services," Roque said.  Filed under the category of Filipinos, non-government organizations (NGO's), health advocacy groups,  free health services,  universal health bill, Senate, Universal Health Care Bill,  President Rodrigo Duterte

As overseas Filipino workers (OFW) working in an unfamiliar territory, we feel comfortable whenever we see a compatriot or a fellow Filipino abroad. In some instances, very unfortunate things happen like getting into a trouble because of a fellow Filipino. The Department of Foreign Affairs (DFA) and the Consulate General in Saudi Arabia confirmed that an OFW was stabbed and killed by a fellow OFW in Jeddah, KSA.      Ads     Sponsored Links    A Filipino was stabbed and killed by a fellow Filipino in Jeddah, Saudi Arabia, according to the confirmation of the Department of Foreign Affairs (DFA).  The victim (name withheld) was a 29-year-old from Datu Odin Sinsuat, Maguindanao, who worked as a family driver in Jeddah.   The suspect (name withheld), a 34-year-old from Capiz, also a driver for the same family  The suspect remains under police custody after he was arrested immediately after the incident. The two "allegedly engaged in a fistfight in front of the house of their employer that ended in the victim getting fatally stabbed by his fellow driver." The motive of the stabbing is still unknown.  The Consulate General and the Philippine Overseas Labor Office in Jeddah will extend full assistance to both Filipinos as well as their families.    The victim is set for a vacation to the Philippines soon but the incident turned out to be unfortunate that he will come home inside a box.  Consul General Edgar Badajos said that the suspect is facing a death sentence as per Saudi Sharia law. However, since they are both Filipinos, it is possible that the victim's family could instead  He assured that they will render assistance to help both OFWs.    Filed under the category of overseas Filipino workers, Filipino abroad, Department of Foreign Affairs (DFA), Saudi Arabia,   stabbed, Jeddah, KSA

More often, families with overseas Filipino workers (OFW) rely on their OFW breadwinner in providing their needs and without doing any efforts to have extra income. They use the money they receive to pay their bills, rents, mortgages, etc. They tend to spend the remittances they receive and wait for the next remittance when the money is over without any savings. This is the reason why no matter how long the OFWs exhaust themselves working overseas, they are still coming home broke and without any savings.  Encouraging our spouse or anyone who is responsible for the remittances you send to save could be a great help and could guarantee a hassle-free retirement, much more if they placed this savings to a profitable investment.      Ads     Sponsored Links    Stick to a budget schedule  Convince your spouse to make a monthly budget and commit to saving a portion of the monthly remittance. They could also spend the remaining part of the budget after setting aside the savings.  No matter how small the savings, it could mean a lot after a period of time you regularly do it.    Use the credit card wisely or do not use it at all  Credit cards could be an advantage when purchasing but it can also lure the holder to spend more. Whenever possible, avoid using credit cards and use cash instead. It would save you from paying extra charges and interests which can really raise your spending.    The best rule should be, do not spend the money you do not have.     Always make a list of important things to buy  Many OFW spouses tend to go on a shopping spree just after receiving the remittance and let their impulses lead in which items they like to buy at the very moment without putting their priorities on the things they really needed.  Encourage them to develop a habit and discipline of making a list of the things they need to prioritize during shopping and strictly follow what is on the list to avoid spending too much on the things that are not really important.    Live a lifestyle that suits your income  Many OFW spouses live like one day millionaire. after claiming the remittances you sent, they will go straight to the mall, eat at the fast-food chain of their choice, go on a shopping spree buying what they want without even thinking if they still have the money to go through the month until the next remittance. If their budget got short, they would borrow money from someone which would cause the next budget to bear the shortage and the cycle goes on.    There's nothing wrong with being generous but not too much  Advise your spouse to exercise caution when giving help to extended families, relatives or friends. There is nothing wrong with extending help but there has to be a limitation. This would avoid them to become dependent on your assistance that they would knock your everytime they need financial help.    Working overseas is not forever and you will eventually come home for good. It is you and your spouse who need to work hand-in-hand to succeed. Together you must find ways to take care of your finances and save for the future of your family.  Filed under the category of overseas Filipino workers, extra income,  bills, rents, mortgages, remittances, working overseas, retirement, investment, savings
More often, families with overseas Filipino workers (OFW) rely on their OFW breadwinner in providing their needs and without doing any efforts to have extra income. They use the money they receive to pay their bills, rents, mortgages, etc. They tend to spend the remittances they receive and wait for the next remittance when the money is over without any savings. This is the reason why no matter how long the OFWs exhaust themselves working overseas, they are still coming home broke and without any savings.  Encouraging our spouse or anyone who is responsible for the remittances you send to save could be a great help and could guarantee a hassle-free retirement, much more if they placed this savings to a profitable investment.      Ads     Sponsored Links    Stick to a budget schedule  Convince your spouse to make a monthly budget and commit to saving a portion of the monthly remittance. They could also spend the remaining part of the budget after setting aside the savings.  No matter how small the savings, it could mean a lot after a period of time you regularly do it.    Use the credit card wisely or do not use it at all  Credit cards could be an advantage when purchasing but it can also lure the holder to spend more. Whenever possible, avoid using credit cards and use cash instead. It would save you from paying extra charges and interests which can really raise your spending.    The best rule should be, do not spend the money you do not have.     Always make a list of important things to buy  Many OFW spouses tend to go on a shopping spree just after receiving the remittance and let their impulses lead in which items they like to buy at the very moment without putting their priorities on the things they really needed.  Encourage them to develop a habit and discipline of making a list of the things they need to prioritize during shopping and strictly follow what is on the list to avoid spending too much on the things that are not really important.    Live a lifestyle that suits your income  Many OFW spouses live like one day millionaire. after claiming the remittances you sent, they will go straight to the mall, eat at the fast-food chain of their choice, go on a shopping spree buying what they want without even thinking if they still have the money to go through the month until the next remittance. If their budget got short, they would borrow money from someone which would cause the next budget to bear the shortage and the cycle goes on.    There's nothing wrong with being generous but not too much  Advise your spouse to exercise caution when giving help to extended families, relatives or friends. There is nothing wrong with extending help but there has to be a limitation. This would avoid them to become dependent on your assistance that they would knock your everytime they need financial help.    Working overseas is not forever and you will eventually come home for good. It is you and your spouse who need to work hand-in-hand to succeed. Together you must find ways to take care of your finances and save for the future of your family.  Filed under the category of overseas Filipino workers, extra income,  bills, rents, mortgages, remittances, working overseas, retirement, investment, savings
More often, families with overseas Filipino workers (OFW) rely on their OFW breadwinner in providing their needs and without doing any efforts to have extra income. They use the money they receive to pay their bills, rents, mortgages, etc. They tend to spend the remittances they receive and wait for the next remittance when the money is over without any savings. This is the reason why no matter how long the OFWs exhaust themselves working overseas, they are still coming home broke and without any savings.  Encouraging our spouse or anyone who is responsible for the remittances you send to save could be a great help and could guarantee a hassle-free retirement, much more if they placed this savings to a profitable investment.      Ads     Sponsored Links    Stick to a budget schedule  Convince your spouse to make a monthly budget and commit to saving a portion of the monthly remittance. They could also spend the remaining part of the budget after setting aside the savings.  No matter how small the savings, it could mean a lot after a period of time you regularly do it.    Use the credit card wisely or do not use it at all  Credit cards could be an advantage when purchasing but it can also lure the holder to spend more. Whenever possible, avoid using credit cards and use cash instead. It would save you from paying extra charges and interests which can really raise your spending.    The best rule should be, do not spend the money you do not have.     Always make a list of important things to buy  Many OFW spouses tend to go on a shopping spree just after receiving the remittance and let their impulses lead in which items they like to buy at the very moment without putting their priorities on the things they really needed.  Encourage them to develop a habit and discipline of making a list of the things they need to prioritize during shopping and strictly follow what is on the list to avoid spending too much on the things that are not really important.    Live a lifestyle that suits your income  Many OFW spouses live like one day millionaire. after claiming the remittances you sent, they will go straight to the mall, eat at the fast-food chain of their choice, go on a shopping spree buying what they want without even thinking if they still have the money to go through the month until the next remittance. If their budget got short, they would borrow money from someone which would cause the next budget to bear the shortage and the cycle goes on.    There's nothing wrong with being generous but not too much  Advise your spouse to exercise caution when giving help to extended families, relatives or friends. There is nothing wrong with extending help but there has to be a limitation. This would avoid them to become dependent on your assistance that they would knock your everytime they need financial help.    Working overseas is not forever and you will eventually come home for good. It is you and your spouse who need to work hand-in-hand to succeed. Together you must find ways to take care of your finances and save for the future of your family.  Filed under the category of overseas Filipino workers, extra income,  bills, rents, mortgages, remittances, working overseas, retirement, investment, savings
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