As we all know, the Social Security System (SSS) is a government insurance program that aims to help Filipino citizens who eventually retire or lose employment because of disability.
This is exactly the reason why you, as an overseas Filipino worker (OFW) should take advantage of SSS benefits – which can really be good for you and your family. Unfortunately, there are those who decide to stop paying their monthly contributions as they start working abroad.
Although it is possible to go for other insurance options like some OFWs do, SSS still remains a solid pick considering its nature as a government-funded system – and it’s been around for the longest time.
Back in 1995, all OFWs were required to register with SSS. However, SSS was plagued with complaints from members regarding the Regular OFW Coverage Program. That eventually changed beginning in 2001 when members were provided with pension and savings plan. It was around this time that membership has instead become optional and has been called the SSS Flexi-Fund Program. Additionally, many employees have since been encouraged to pay for their PhilHealth and Pag-IBIG premiums.
Now some of the benefits being offered by SSS include financial assistance during sickness, maternity, disability, retirement, death and funeral. Salary loans and home improvement loans are likewise available for their members.
For these and many other reasons, staying updated with your SSS monthly contributions is truly important. The advantages it offers can be a huge help to you and your family during the time of need. So if you are thinking about stopping, then don’t. You have so much to lose.
Furthermore, OFWs who still aren’t SSS members should register with them soon and start paying off the contributions. Aside from all the privileges, being an SSS member is also good especially if you plan to return to the country and work here again since many companies require SSS membership as well.