Every overseas Filipino worker (OFW) you may come to meet has a common reason why they chose to work abroad— to earn for their family. They need to provide for the needs of their family. Many of them have no house yet, maybe some of them are still paying for rent or a mortgage. They even maybe took a loan just before their deployment.
However, their hard-earned salary must be sent home to pay for all of these obligations leaving the OFW with very little money left in their pockets. That is why many OFWs return home without any savings except the annuity or gratuity pay if they can get any.
The Social Security System has designed a solution to help the OFWs secure their future by having an investment that requires a minimum amount of the only P200 through SSS Flexi fund. With it, you can even earn as much as P131,000 in a year.
Any OFW who is an active SSS member can start investing while paying their contribution. They can also withdraw the fund anytime they wish to but of course, the bigger your investment, the bigger return you may get.
The voluntary provident program for overseas Filipino workers (OFWs) disbursement has earned double-digit growth last year according to SSS.
In a statement, the state-run pension fund said it paid out P17.38 million in Annual Incentive Benefits (AIB) under the Flexi Fund program to more than 47,000 OFW members in 2017, up 12.13 % from the previous year.
The number of qualified OFWs with active Flexi Fund accounts also went up by 9.87% to 47,284 said SSS President and CEO Emmanuel Dooc.
Flexi Fund is a voluntary program that allows OFWs to save a chunk of their incomes and allow their investment to grow. It is offered exclusively to OFWs in addition to regular SSS benefits.
Their savings are sourced from payments not lower than P200 that are on top of required maximum SSS contributions. The money is invested in fixed income securities and interest rates are based on the average rates of the SSS’ short-term placements or the 91-day Treasury bill, whichever is higher, and re-priced quarterly.
The SSS chief also noted that members’ equity in 2017 amounted to P732.05 million while actual investment income reached P32.07 million, of which P12.75 million was credited to members’ accounts as guaranteed earnings.
Read Also: How to open an SSS Flexi Fund
Dooc said the AIB received by each member varies on the Flexi Fund’s year-end net investment income and is distributed based on their equity shares. It is given to members who have no full Flexi Fund benefit claims within the applicable year. In 2017, a member reached P131,475 credited to his/her account. The average AIB per qualified member was P368 according to SSS.
READ MORE:11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help
Survey: 8 Out of 10 OFWS Are Not Saving Their Money For Retirement
Dubai OFW Lost His Dreams To A Scammer