Pinoys in Sweden expected to benefit from new social security agreement

The Philippines has recently signed a bilateral social security agreement with Sweden designed to benefit citizens of both countries in terms of securing their respective long-term and pension benefits.

The agreement was signed by Philippine Social Security System president and CEO Emilio S. de Quiros, Jr. and Swedish Minister for Social Security Annika Strandhäll last October 15 in Stockholm.

The agreement is expected to guarantee equal treatment of nationals in accessing applicable benefits; the portability of benefits when nationals of one Party reside in the other Party; the totalization of insurance periods, and the exchange of information and mutual assistance between the competent authorities.

To share the good news, De Quiros, together with Philippine non-resident Ambassador to Sweden Bayani Mercado, met with the Filipino community in Sweden the following day and informed them of the benefits of the agreement.

A news release from the Department of Foreign Affairs (DFA) said De Quiros provided an overview of the national pension system, while SSS senior vice president Judy Frances A. See presented an update on the main features and services of the Philippine social security service.

See also answered questions by Filipino community participants on the new bilateral agreement. She also presented the SSS Flexifund for overseas Filipino workers (OFWs), a provident fund-type of investment product that is already serving the financial dreams of many Filipinos abroad.

The agreement will have to be ratified separately by both countries and will enter into force four months after such ratifications are formally communicated.   —Rie Takumi/KBK, GMA News

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