Manila: More than 40,000 overseas Filipino workers (OFWs) benefited from over PhP21 million distributed under the Social Security System (SSS) Flexi-fund program in 2015.
The 40,216 recipients are members of the SSS Flexi-fund Program, Manila Times quoted Judy Frances A. See, SSS Senior Vice President for Account Management Group and concurrent International Operations Division Head as saying.
See explained that the PhP21.37 million financial benefits cover the PhP13.15 million annual incentive benefits (AIB), and PhP8.22 million in guaranteed earnings in the flexi-fund program of the SSS in 2015 for the programs’ members.
“This has significantly increased by 19 percent from the PhP18.02 million credited for the AIB and guaranteed earnings in 2014,” she reportedly said.
See explained further that SSS created the Flexi-fund program to encourage OFW-members to save so that the money supplements their retirement benefits under the regular SSS program.
The number of OFW-members who qualified in the AIB has increased to 40,216 last year from 37,612 in 2014.
“The good news is that more Flexi-fund members are choosing to further increase their savings for their future. The SSS, thru the Flexi-fund, is here to help OFWs achieve long-term financial security by providing a safe and secure savings facility for their hard-earned income from overseas work,” she said.
The flexi-fund program which started in 2001, offers an extra level of protection to OFW-members, paying a maximum amount of PhP1,760 monthly SSS contribution by enabling the members to remit additional savings of PhP200 or above to the SSS.
These extra SSS savings are credited to their Flexi-fund account, which they can convert into a pension plan at the end of their working years, or even withdraw from at times of urgent cash needs, See pointed out.