The Social Security System (SSS) has recorded 1.34 million Overseas Filipino Workers (OFW) members as of May 2021, higher by 11.5 percent from the same period last year.
SSS President and Chief Executive Officer Aurora C. Ignacio said on Thursday, July 5, economic concerns worsened by the coronavirus disease (COVID-19) pandemic pushed more Filipinos to seek overseas employment to support their family.
"Our modern-day heroes are not only hardworking breadwinners for their family but are also huge contributors to the Philippine economy, thanks to their remittances. OFWs should receive sufficient safety nets, especially in times of contingencies in the form of social security benefits, loan privileges, and other savings schemes to ensure that their hard-earned income can turn into gainful investment in the long run," Ignacio said in a statement,
The pension fund started OFW coverage under voluntary membership in 1995, however, this was changed to mandatory coverage for land-based and sea-based OFWs who are not more than 60 years old under Republic Act (RA) 8042, also known as the Migrant Workers and Overseas Filipinos Act of 1995.
Based on the data from the Philippine Statistics Authority (PSA), there are 2.2 million OFWs as of April to Sept. 2019.
"We have to work extensively to cover the remaining 860,000 OFWs by enhancing stronger partnership with our government partners like the Philippine Overseas Employment Administration (POEA) and interest groups. Uncertainties may arise while working overseas and this is why we emphasize the importance of financial security and stability, especially when OFWs decide to retire and return to the Philippines," Ignacio said.
"Maintaining an SSS membership is a good start and paying their contributions regularly is a huge step to ensure that they can maximize the benefits and privileges when the need arises."
SSS offers seven benefits for OFWs—sickness, maternity, disability, unemployment, retirement, funeral, and death. They are also entitled to apply for various loan programs such as salary, calamity, educational, housing improvement, and pension loans.