More than 40,000 overseas Filipino workers (OFWs) received over P21 million from the Social Security System (SSS) Flexi-fund program in 2015.
Judy Frances A. See, SSS Senior Vice President for Account Management Group and concurrent International Operations Division Head, said the 40,216 recipients are members of the SSS Flexi-fund Program.
See explained that the P21.37 million financial benefits of more than 40,000 OFWs cover the P13.15 million annual incentive benefits (AIB), and P8.22 million in guaranteed earnings in the flexi-fund program of the SSS in 2015 for the programs’ members.
“This is significantly higher by 19 percent from the P18.02 million credited for the AIB and guaranteed earnings in 2014,” she emphasized.
She said SSS created the Flexi-fund program precisely to encourage OFW-members to have savings that would supplement 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,” See said.
The flexi-fund program started in 2001.
It offers an extra level of protection to OFW-members paying the maximum amount of P1,760 monthly SSS contribution by enabling the members to remit additional savings of P200 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 explained.