According to the overseas Filipino workers who are voluntarily paying the pension fund that is now mandatory for all OFWs starting April 1 is not an added expense but an investment.
The Social Security System (SSS) scheme is a form of beginner forced savings for Filipino private sector employees, including OFWs, where they will pay a maximum amount of 2,400 pesos per month to be covered.
The contributions will allow them to have access to benefits such as lifetime pension, salary loan and sickness, retirement, maternity, disability, death, and funeral assistance.
Mark Roue Oliva, the SSS Representative in Dubai, said not every OFWs have a full understanding of it. In fact, many of them think making contributions is an added expense, and given that contributing during the old law was voluntary, only around 4,800 Filipinos paid their premium in Dubai and the northern emirates in 2018 where an estimated one million Filipinos work in the UAE.
It is actually easy to avail the SSS pension. all you need to do is to pay at least 120 contributions prior to your retirement.