SSS Flexi-Fund For Overseas Filipino Workers (OFWs)

Savings for Overseas Filipino Workers.

Did you know that the SSS has a special program for OFWs to save more of their hard-earned money abroad?

Why is SSS Flexi-Fund a good savings option for OFWs?

Safe   and   secure    savings,   with   guaranteed earnings.

• A provident-fund scheme designed to supplement pension benefits under the regular SSS program.
• Funds invested in fixed-income securities, thus more transparent and risk-free.
• Better yielding since interest rates are based on average rates of SSS’ short-term peso placements or 91-day Treasury bills, whichever is higher.

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What are the benefits under the Flexi-Fund?
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Accumulated funds, including interest earnings (net of management fees), to be disbursed as tax-free benefits.

• For member’s retirement, disability and death.
• Early withdrawal allowed anytime for urgent cash needs (with pre-termination fees if less than 1-year retention).
• Granting of Annual Incentive Benefits (AIB) to qualified active members.

Who can qualify for Flexi-Fund Membership?
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Exclusive to OFW-members paying maximum contributions under the regular SSS program.
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• Register at any SSS local/foreign branch, or thru e-mail (form downloadable from SSS website).

How much can OFWs contribute in Flexi-Fund?
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Any amount, not lower that PhP 200, paid in excess of required SSS contributions.

• Automatically credited to member’s Flexi-fund account once enrolled.
• No initial deposit or maintaining balance requirement, and also no prescribed ceiling on contribution amounts.
• Payment anytime, depending on capacity to save.

Where can OFWs Pay their Flexi-Fund contributions?
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Payments accepted electronically at overseas offices and tie-ups of SSS-accredited collection partners.

• Option for members to remit, thru relatives in PHL, at SSS branch tellers and other accredited channels.
• Payment thru Internet and auto-debit arrangements also available for account holders of participating banks.

Who are covered under this program?
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All overseas Filipino workers (OFWs) who are not over 60 years old (up to 60th birthday) with the following types:

• Recruited in the Philippines by a foreign-based employers for employment abroad;
• Having a source of income in a foreign country; or
• Residing permanently in a foreign country.

When does the coverage of an OFW member take effect?
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Coverage of an OFW takes effect upon payment of the first monthly contribution.

How does one register as an OFW (new) member?
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Over-the-counter (SSS branches)

Registrants must secure a Personal Record form (SS Form E-1) at the nearest SSS branch or download from the SSS website at www.sss.gov.ph. Fill-out the form and submit it with Birth Certificate. In the absence of the Birth Certificate, submit any of the following documents​:

• Baptismal Certificate or its equivalent
• Driver’s License
• Passport
• Professional Regulation Commission (PRC) card 
• Seaman’s Book (Seafarers Identification and Record Book)

Online (SSS website)

• Registrants must access the SS# online issuance and accomplish the two-phase registration by providing the required information.

What will be the basis of monthly contributions?
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The monthly contributions will be based on the monthly earnings declared at the time of registration, computed in Philippine pesos.

Image from SSS Website

Where will payments be made?
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SSS contributions and loan amortization may be paid through any of the following accredited banks and its foreign tie-ups (i.e. remittance centers and/or money exchange houses):

• Asia United Bank (AUB) Gintong Hatid
• Banco de Oro (BDO) Remit Services
• BOC SIKAPPINOY
• Philippine National Bank (PNB) Overseas Bills Payment Service
• I-Remit online branches
• Lucky Money online branches
• Ventaja online outlets
• Sky Freight

What are the benefits and loan privileges of an OFW member?
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OFWs are entitled to various benefits and loan privileges, provided qualifying conditions for entitlement are met. To ensure higher benefits and privileges, they can continue to pay their monthly contributions until they reach the age of 60 or 65 years old.

Image from SSS Website

When are contribution payments due?
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January to December contributions - anytime during the applicable year. October to December contributions - may also be paid until January 31 of the following year.