If you are an Overseas Filipino Worker (OFW) or are related to one, you really need to learn about the SSS Flexi Fund Program.
What is it exactly? How do you qualify and what are the benefits? Read on and we’ll answer your questions along the way.
SSS Flexi Fund
First and foremost, the SSS Flexi Fund is exclusively being offered to OFWs 60 years old and below, whether or not they have been previous members. According to SSS Senior Vice President and International Operations Division Head Judy Frances A. See, the Flexi Fund is “a provident fund type of retirement plan that encourages saving while (OFWs) are employed overseas.”
She further adds that for just a minimal amount, the Flexi Fund “already enables an OFW member to save and build up funds that can be used upon retirement to supplement the benefits available under the regular SSS program.”
To start an SSS Flexi Fund, you need to be an OFW who is:
- Recruited in the Philippines by an employer based abroad
- Having an income source in a foreign country
- Permanently residing in a foreign country
If you are qualified, enroll for an account and start with your Flexi Fund contributions. Or you may also pay it along with your regular SSS monthly contributions. If you paid an excess of P200 and above in your SSS contribution, then that will be added to your Flexi Fund.
As the name implies, contributions to the fund offers you different options such as contributing monthly, quarterly, or anytime depending on your preference.
SSS guarantees that your Flexi Fund account contributions are exempted from tax. Also, it is calculated based on average rates of short-term placements or 91-day Treasury Bills. It is likewise subject to quarterly re-pricing and so it accurately reflects current market conditions in the country.
In case you need urgent cash, you can ask for an Early Withdrawal. You, however, have to pay a pre-termination fee if your account is less than a year.
Account members may also access retirement, disability, and death benefits. Disbursements may be done monthly, lump sum, or a combination of both.
To put it simply, the SSS Flexi Fund can be a big benefit for OFWs and their families.
As See said, “We hope that we can inculcate the saving habit among our members through our regular program and alternative saving options such as the SSS Flexi Fund.”
Watch the video of SSS Flexi Fund Program