(Watch: Usapang SSS – OFW Coverage Program)
With the implementation of a pension hike for the retirees of Social Security System or SSS, the agency is now asking help from the lawmakers to implement the mandatory coverage of migrant workers.SSS president and chief executive officer Emmanuel Dooc said the mandatory coverage of overseas Filipino workers will help the agency to achieve its goal of expanding membership at the same time, will give protection and benefits to OFWs too.
Through mandatory OFW coverage, Dooc said it will increase the number of members of the pension fund.
“Our objective is not just to strengthen enforcement of compliance for the coverage of employers and employees in the private sector, but also to encourage self-employed individuals and voluntary members like OFWs to register and be active in the system,” Dooc said.
“We are pushing for our OFWs to be covered on a mandatory basis in order to secure their basic safety net in time of contingencies. Their SSS contributions (are) essentially a form of long-term savings for the future, especially when they decide to return home and retire,” he added.
(Watch:SSS How-Tos Video Series: How to Register as an OFW-member)
There are 2.4 million OFWs in the world as of 2016 according to the latest data from the Philippine Statistics Authority (PSA).Of the said number, only 20% or 500,000 are paying members of SSS, with P4.64 billion contribution.
The SSS chief added that oftentimes, OFWs are not included under social security schemes of countries where they are working. It is because their law and regulations are only for the protection and welfare of their own nationals.
Last 2016, the SSS disbursed around P779 million in benefits to OFWs. This includes initial and a lump sum for retirement, death and disability, and short-benefits for sickness and maternity.
The increase is due to approval of P1,000 pension hike for retirees that will be implemented this month. The second tranche of P1,000 pension will be on 2022.
READ MORE: SSS Offers as Much As Php2 Million Direct Housing Loan for OFWs
If you are an SSS member with at least 36 months contribution and active member for the past 24 months prior to your application you may qualify to apply for Direct Housing Loan Facility for OFWs – a program by the SSS to help finance the construction or the purchase of your house or house and lot. They offer Php450,000 to Php 2 million loan.
Read more: http://www.jbsolis.com/2015/10/sss-offers-as-much-as-php2-million.html#ixzz4cUnJYKzY
Applying for housing loan is not easy, there are so many requirements. In fact, there are many documents that has to be submitted in order to apply.
That loan requirements are actually the reason why many OFWs feel discouraged to apply.
Read more: http://www.jbsolis.com/2016/10/how-to-apply-for-sss-housing-loan-for-OFW.html#ixzz4cUny6k9I