Social Security System (SSS) is encouraging OFWs to contribute to the Flexi-Fund, a voluntary provident fund that can be useful for future retirement. This tax-free investment fund is guaranteed to provide high returns.Also, the beautiful thing about it is that OFWs do not have to worry about high interest rates or annual management fees.
The Flexi-Fund can be added to the regular OFW membership program by SSS. With this fund, an OFW can save a portion of their earnings and have a secure future.
Judy Frances A. See, SSS Senior Vice President of Account Management Group, said:
“Saving should be a priority because once they come back home and their income stops, they would likely have to live off whatever amount they have set aside. It is, therefore, important that they accumulate funds for a reserve, such as their SSS savings to mitigate loss of income.”
See also adds:
“Saving even a small amount on a regular basis is a good start. It can soon add up to big gains over the long run especially if put into a safe investment vehicle.”
Now what’s wonderful about the Flexi-Fund is that it doesn’t cost expensively and you have a choice when to pay it. You can pay your contributions anytime you want. “It can be annual, semi-annual. It can be quarterly. It can also be intermittent,” said See.
“For only a minimum of P200 paid in excess of the maximum contribution, it 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. Early withdrawal of funds is also allowed in case of urgent cash needs,” See further explained.
“With Flexi-fund, OFW members can maximize the return on their savings despite the prevailing low-interest environment. Those who will retain their savings intact within the year will be automatically entitled to annual incentive benefits in the form of additional earnings credited to their Flexi-fund accounts,” concluded See.
Hopefully, OFWs will take advantage of this amazing opportunity.
For more information, visit the local SSS office or check out the official SSS website.
Watch the video of SSS Flexi-fund program for you to understand more