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SSS Benefits and Privileges for OFWs
Feb 3, 2014
The Social Secuirty System (SSS) also covers Overseas Filipino Workers or OFWs as insurance members and provides them short and long-term insurance coverage.
Who can be members of SSS?
An OFW who is not over 60 years old and have been recruited by a foreign-based employer can be a member of SSS. Those who are first-time OFWs must register for membership by filling out an SS Form W1 (Overseas Worker Record), while those who are registered before becoming an OFW can resume payment of contribution as Overseas workers under their existing SS Number.
How much should an OFW contribute as an SSS member?
The contribution is based on the OFW's monthly salary credit (MSC) converted to Philippine peso. The monthly contribution amount is computed by multiplying the member’s MSC with the prevailing SSS contribution rate.
What are the benefits an OFW can receive once he/she become a member?
An OFW SSS member can avail of short-term and long-term benefits apart from a guaranteed pension. The SSS benefits are the following:
-Sickness Benefits
-Maternity Benefits
-Disability Benefits
-Retirement Benefits
-Death and Funeral Benefits
- Salary Benefits
The amount worth of benefits though equates to the amount of contribution paid and longer contribution service. So, the higher you have contributed, the higher your benefits.
What are the privileges an OFW may take advantage of as an SSS member?
An OFW SSS member has a privilege to loan money from SSS in the form of the following:
- Salary Loan
- Housing Loan
- Educational Assistance Loan
- Flexi-fund Program for OFWs
The Flexi-fund Program for OFWs is an SSS program that will help OFWs to save a part of their income from working abroad and maximize returns on their investments. This is a tax-exempt program that is exclusive for OFWs in addition to their regular coverage contribution.
