OFW Journals (OFW Stories on the News) and Some OFW Employment, Career & Business Tips

Social Security System (SSS) Flexi Fund for Overseas Filipino Workers

What is the SSS Flexi-fund?
The Flexi-fund is a provident fund for overseas Filipino workers (OFWs) that features flexible payment terms. It is an additional service provided by the SSS on top of an OFWs regular SSS membership.

Why do I need the SSS Flexi-fund?
The Flexi-fund is a valuable aid in maximizing your overseas earnings. Your accumlated contributions to the Flexi-fund are investments for the future, especially when your overseas employment contract ends. The Flexi-fund is offered on top of the regular SSS benefits for retirement, disability, and death, among others, which you are also entitled to as an SSS member.

Who may enrol in the SSS Flexi-fund?
The Flexi-fund is open to OFWs who are:

recruited in the Philippines by foreign-based employers for work abroad;
having a source of income in a foreign country; or
residing permanently in a foreign country.
What benefits may I avail myself of from the Flexi-fund?

As a Flexi-fund member, you may withdraw your Flexi-fund contributions with interest anytime. Aside from this, members who reach the age of 60 are entitled to retirement benefits either in the form of a monthly pension or a lump sum payment. The beneficiaries of a pensioner who has passed away shall receive a lump sum benefit equivalent to the cash value of the remaining pension.

Why is the SSS Flexi-fund a good investment?
The contributions that you remit to the SSS Flexi-fund are invested in government Treasury Bills that are risk-free and yield high interest. The interest earned by your Flexi-fund deposits are based on the average 91-day Treasury Bill rate of the previous year.

When may I withdraw my SSS Flexi-fund contributions?
An OFW-member may withdraw his contributions with interest at any time, especially in times of need.

What may SSS Flexi-fund investments be used for?
The SSS Flexi-fund provides good security for your future. It may be used to fund a business, construct a house, finance schooling, or as pension when you retire.

What is the difference between the SSS Flexi-fund and regular SSS membership?
The Flexi-fund is a voluntary provident fund that provides additional benefits to the member on top of his or her regular SSS membership. It is a pension plan and savings account rolled into one that enables your contributions to earn interest. It provides you with flexible modes of paying your contributions, and allows you to easily vary the amount that you pay. And of course, if you ever find yourself in financial need, you may withdraw your contributions at any time.

Where may I get forms for the SSS Flexi-fund?
To enrol in the Flexi-fund, simply register at SSS foreign representative offices located in various countries. You may also download SSS Form OW-1 from this web site. After filling out the form, you may send it by mail or fax to the following address:

International Affairs and Branch Expansion Office
3/F SSS Bldg., East Avenue
Quezon City, 1100 Philippines
Telefax: (632) 435-9814
email: sssemail@info.com.ph

How do I qualify for the SSS Flexi-fund?
You must first be an SSS member before becoming a member of the Flexi-fund. First-time members should first make sure that their monthly contribution to the regular social security program is at the maximum bracket. For existing SSS members, present your latest SSS Form RS-5 as proof that your contribution payment is at the maximum bracket.

How long do I have to pay my SSS Flexi-fund contributions?
You may pay your Flexi-fund contributions anytime, provided you continue paying the maximum required contribution under your regular SSS membership. Any excess amount is included in your Flexi-fund account. Even when your overseas employment contract is over, you may still continue your contributions to the Flexi-fund. Your Flexi-fund contributions will only cease when you stop your contributions to the regular social security program.

How and where may I remit my SSS Flexi-fund contributions?
Simply fill up SSS Form RS-5, which is available from any SSS office, and remit your payment at any of the following accredited collecting banks or companies:

Allied Bank
Asiatrust Bank
Bank of the Philippine Islands (BPI)
Equitable PCI Bank
International Exchange Bank
Land Bank of the Philippines
Metrobank
Philippine National Bank (PNB)
Rizal Commercial Banking Corporation (RCBC)
Security Bank
Luzon Brokerage Corporation (LBC)

(Please visit Social Security System http://www.sss.gov.ph website for regular update and complete information)

(This information from Philippine Government's Department or Offices is for General Public access intended to inform Filipino Overseas Workers and their beneficiaries, if you need more details, please visit Social Security System (SSS) http://www.sss.gov.ph website for complete and more updated information)