President Rodrigo Duterte signed the Republic Act 11199 that aims to widen the duties and power of the Social Security System (SSS). OFWs were one of the main targets of the republic act 11199. It stated that OFWs is required SSS member.
This was a timely action since Filipino people needs to be secured after retirement. Based on the SSS report as of 2017, there is only 500,000 overseas Filipino worker who was a member of SSS, but according to the Philippine Statistics Authority (PSA) there is a total of 2.3 million overseas Filipino worker as of 2017 and almost all of them is overseas contractual workers that is why they have decided to make OFWs a required SSS member.
Effect on the Fund
OFW’s have a big earning capacity so it will be better if they will be an SSS member. If all of the OFW’s will be a member of SSS the fund for retirement will increase and it will benefits a lot of Filipino people.
Positive impact on OFW’s
OFW’s will enjoy all the benefits if they will be a member of SSS.
Here’s the list of the benefits they will be able to take advantage of:
- Unemployment Benefit
- Employees’ Compensation Program
All the employer abroad should initiate the contribution for the members
It will be better if all the employers will pay for the member’s contribution to SSS. In this case, OFW’s will not shoulder all the contributions since the employer will share because based on the records most of the SSS members joined voluntarily it means there’s no counterpart between employers.
If you are an OFW it will be better if you apply to be a member of SSS abroad. You don’t have to wait for the rules and regulations before you join since you will be able to take advantage of many benefits if you become a member.
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