SSS coverage of OFWs must be mandatory – De Castro
Vice-President Noli de Castro said Filipino overseas workers should be under mandatory coverage of the Social Security System (SSS) to give them access to social security benefits and protection from financial emergencies.
“OFWs (overseas Filipino workers) are exposed to various risks in their places of work abroad. They get sick, disabled or are fired,” De Castro said. “The impact of the resulting loss of income is worse for the family because OFWs are usually the primary breadwinners.”
De Castro was the main speaker at the SSS Balikat ng Bayan Awards held in October 26 at the SSS Main Building in Quezon City. The awarding ceremony was part of the 50th anniversary of the SSS, which started operations on September 1, 1957.
The SSS Balikat ng Bayan Award, which started in 1993, is given to outstanding partner banks and companies of the state-run pension fund. This year’s winners include Del Monte Philippines, Smart Communications, Banco de Oro-EPCI, Philippine National Bank, Planters Development Bank and Green Bank.
De Castro said he will support plans to amend the SSS Charter to change the membership status of OFWs from voluntary to mandatory.
President Gloria Macapagal Arroyo also expressed the same sentiment during her SSS golden anniversary speech at the SSS Main Building last September 3.
“I encourage you to emphasize in your strategic plans the mandatory coverage of all OFWs, especially seafarers,” she said.
The SSS currently has about 700,000 OFWs registered as voluntary members, which De Castro said proves that many migrant workers realize the importance of SSS membership.
Aside from regular SSS benefits, OFWs can also participate in the SSS Flexi-Fund program, a voluntary provident fund exclusive to migrant workers which allows their savings to earn at 91-day Treasury bill rates tax-free.
“Indeed it is becoming a trend for OFWs to place their hard-earned money on sound investments with guaranteed gains. With their funds intact and invested in safe instruments, OFWs are already assured of substantial savings at retirement,” De Castro said.
“OFWs (overseas Filipino workers) are exposed to various risks in their places of work abroad. They get sick, disabled or are fired,” De Castro said. “The impact of the resulting loss of income is worse for the family because OFWs are usually the primary breadwinners.”
De Castro was the main speaker at the SSS Balikat ng Bayan Awards held in October 26 at the SSS Main Building in Quezon City. The awarding ceremony was part of the 50th anniversary of the SSS, which started operations on September 1, 1957.
The SSS Balikat ng Bayan Award, which started in 1993, is given to outstanding partner banks and companies of the state-run pension fund. This year’s winners include Del Monte Philippines, Smart Communications, Banco de Oro-EPCI, Philippine National Bank, Planters Development Bank and Green Bank.
De Castro said he will support plans to amend the SSS Charter to change the membership status of OFWs from voluntary to mandatory.
President Gloria Macapagal Arroyo also expressed the same sentiment during her SSS golden anniversary speech at the SSS Main Building last September 3.
“I encourage you to emphasize in your strategic plans the mandatory coverage of all OFWs, especially seafarers,” she said.
The SSS currently has about 700,000 OFWs registered as voluntary members, which De Castro said proves that many migrant workers realize the importance of SSS membership.
Aside from regular SSS benefits, OFWs can also participate in the SSS Flexi-Fund program, a voluntary provident fund exclusive to migrant workers which allows their savings to earn at 91-day Treasury bill rates tax-free.
“Indeed it is becoming a trend for OFWs to place their hard-earned money on sound investments with guaranteed gains. With their funds intact and invested in safe instruments, OFWs are already assured of substantial savings at retirement,” De Castro said.
Comments