TIM eMagazine Vol.2 Issue 3
SSS disburses over P15M
annual incentive benefit
to OFWs in 2016
T
SSS President and
Chief Executive Officer
Emmanuel F. Dooc
he Social Security System (SSS) said over the weekend
that the annual incentive benefits (AIB), disbursed to
qualified Overseas Filipino Workers (OFWs) in 2016,
jumped by 18.1 percent to P15.5 million from the P13.15
million provided in the previous year.
SSS President and Chief Executive Officer Emmanuel
F. Dooc said the number of qualified OFWs with active
accounts under the SSS Flexi-fund program benefited
from the AIB disbursed in 2016 increased by 7 percent to 43,035 from the
40,216 in 2015.
“The number of OFWs enrolled in our Flexi-fund program is really
inspiring. This is an evidence that our OFW-members are starting to invest
more for their future, when the days of working far from their families is
over and done, rest assured that the SSS is here to assist them to achieve
their long-term financial security,” Dooc said.
The Flexi-fund program is a voluntary provident fund program which
serves as mechanism for OFWs to save a portion of their income abroad
and maximize returns of their investment. It is offered exclusively to
OFWs and is designed to supplement the benefits under the regular SSS
program.
Under the Flexi-fund, savings are sourced from payments not lower
than P200, paid in excess of the required regular SSS contributions.
Amounts are invested in fixed income securities and the interest rates
are based on the average rates of SSS’ short-term placements or 91-day
Treasury bill, whichever is higher, re-priced quarterly.
SSS said members’ equity as of end-2016 amounted to P606.91 million
while actual investment income for the same year reached P28.5 million,
of which P11.25 million was already credited to members’ accounts as
guaranteed earnings.
The combined AIB and guaranteed earnings increased the total
amount credited to individual Flexi-fund accounts to P26.78 million in
2016, a 25 percent-increase from the P21.37 million credited in 2015.
The AIB was launched in 2012 to encourage OFWs to maintain and
increase their retirement savings with SSS. It is granted to members with
no full Flexi-fund withdrawals and benefit claims within the applicable
year.
“The AIB amount depends on the Flexi-fund’s year-end net investment
income and is distributed based on the individual equity shares of all
qualified members. Thus, members with higher Flexi-fund savings get
bigger AIB amounts,” Dooc explained.
The maximum AIB credited to a member’s account in 2016 reached
P136,498 while the average AIB per individual is P361.
OFWs can view their AIB amount, Flexi-fund account status, and other
SSS membership records by registering at the My.SSS online service portal
at the SSS Website (www.sss.gov.ph).
Inquire more about the Flexi-fund with the SSS OFW Contact Ser-
vices Section through service hotlines (632) 364-7796 and 364-7798
or by e-mail at [email protected].
The Flexi-fund program is a voluntary provident fund program which serves as
mechanism for OFWs to save a portion of their income abroad and maximize returns
of their investment. It is offered exclusively to OFWs and is designed to supplement
the benefits under the regular SSS program
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