The Social Security System (SSS) provided additional service for overseas Filipino worker, the Flexi-fund program. On top of the regular membership program, Flexi –fund was created to provide OFWs’ another option for a solid financial security.
What you should know about SSS Flexi-fund?
SSS Flexi – fund Program is a provident fund specially designed for overseas Filipino workers. This is an optional service aside from the regular OFW membership.
This program is designed to provide opportunity for OFWs’ to save more and set aside part of their earnings abroad. These serve as a supplement to SSS benefits, thus giving an additional layer of social security protection.
Benefits of SSS Flexi-fund:
As a member under this program, you are entitled to an additional income from your savings. Members, who reached the age of 60, disabled or get injured from work, will receive a monthly pension aside from the regular SSS membership coverage. Beneficiaries from passed away members will receive lump sum equivalent to the cash value of the remaining pension.
A member may terminate his contribution early and can withdraw his contribution anytime including the interest incurred from the program.
Flexi-fund as a good investment:
Contributions under this program were invested in all government securities. All interest earned under this program are based on treasury rate, thus it is guaranteed on high yielding and a risk free investment.
This program aims to supplement your pension benefits and will provide a better opportunity for a well sounded financial stability. You can even withdraw your contribution whenever your overseas contract ends; for kids school fees, need money for house improvement and or to finance your small business.
However, pre-termination fees will be imposed from withdrawal of contribution which only stayed less than a year.